December 22, 2020
Provivi® raises $45.5M to expand global launch
Santa Monica, California – December 22nd, 2020.
Provivi, Inc. ("Provivi"), an emerging crop protection company using pheromones to protect large acreage row crops from major damaging insects, is pleased to inform the completion of a $45.5M financing round. Vivo Capital, a Palo Alto based investment fund, led the round. Returning shareholders, including Kairos Ventures, Temasek, Pontifax AgTech, Tybourne Capital, Lanx Capital, and Spruce Capital, also participated in the financing.
"The Series C-2 financing is a new milestone in the growth of our company. It builds upon a very successful year where Provivi achieved several product registrations worldwide and launched our first product commercially in Mexico," said Dr. Pedro Coelho, Co-Founder and CEO of Provivi. "The funds will help accelerate our recently launched fall armyworm pheromone product in Mexico, Provivi-FAWTM, and prepare for further commercial launches of products in 2021."
"Vivo is honored to partner with Provivi management and the strong base of existing investors to provide growth capital to facilitate the development and commercialization of Provivi's pheromone-based crop protection technology," said Mr. Shan Fu, Managing Partner at Vivo Capital. "Provivi's focus on science and its customers has enabled Provivi to establish itself as a leading emerging agtech company. We believe the global market potential for Provivi's safer, affordable, and sustainable crop protection technology is tremendous."
"We are very pleased to be working with Vivo, which has an excellent track record in the life sciences and strong operations in the US and Asia. And, we are pleased to welcome Mr. Shan Fu, Managing Partner at Vivo, to the Board of Directors," said Dr. Ganesh Kishore, Chairman of the Board at Provivi. "The resources and engagement of our stakeholder community will accelerate Provivi's efforts towards sustainably protecting crop health and selectively addressing devastating pest problems."
Dr. Coelho concluded: "We are also encouraged to continue to fuel Provivi's growth at a time when the pandemic has proven the resiliency of agriculture and the indispensable role that farmers play in the global economy. We are excited to take the Provivi brand to new countries and to bring the benefits of pheromones to the grain crop farmers who feed the world."
We are a groundbreaking science-based company creating scalable, safer insect control technology that will improve the quality of life for all humans and our world.
Provivi is developing a family of safe, effective, and economical pheromone solutions, creating a new foundation for pest and resistance management in crop production. Pheromones are substances that serve as highly selective attractants for insects, allowing the control of harmful pests while preserving beneficial insects. Provivi's patented production method enables a step-change in the cost of manufacturing pheromones, allowing the use of this proven tool in high-acreage crops such as corn, rice, and soy.
About Vivo Capital
Founded in 1996, Vivo Capital is a global healthcare and life sciences investment firm. Vivo has approximately $4.3 billion in assets under management, invested in over 260 public and private companies worldwide. The firm is headquartered in Palo Alto, California, with additional offices in Asia. The Vivo team consists of more than 50 multi-disciplinary professionals, including scientists, entrepreneurs, physicians, operating executives, and industry experts. Vivo is currently actively investing from its $1.4B Vivo Capital Fund IX, which focuses on private companies, from its $635M Vivo Opportunity Fund, which focuses on public equities, and from its $100M Vivo Innovation (PANDA) Fund, which focuses on early-stage investments.
Pheromones are naturally produced substances that have been commercially used to disrupt insect pests mating for over 30 years. They are currently applied in approximately two million acres of high-value permanent crops such as apples, grapes, and nuts. The benefits of using pheromones are well established in the scientific literature: they enable a reduction of harmful residues on food while preserving biodiversity.
JP Vollmers-Hansen, Director Global Marketing email@example.com