Spanish agbiotech company PlantResponse announced a $6.9 million investment, and new headquarters located in Research Triangle Park in North Carolina.
The round was backed by Yara Germinate, iSelect, Bayer Ventures, Middleland Capital, and Novozymes.
Founded in Madrid in 2008 as a spin-off from the Universidad Politécnica de Madrid (UPM), PlantResponse develops innovative technologies that help plants mitigate the effects of adverse conditions using plants’ innate physiological, molecular, and cellular responses.
Through its work, R&D initiatives, and a global agronomic testing capability, the company has developed multiple product candidates that are nearing commercialization, with additional promising products in the pipeline.
With this funding, the company plans to pursue its North American expansion, developing its new headquarters in North Carolina, and by building out its commercialization and retail partnerships.
To lead these efforts, the company has named Tom Warner, previously with Nutrient Ag Solutions, as the independent chairman of its board, and has tasked him with driving its North American direction and global expansion.
“This investment is critical to the future of PlantResponse Biotech,” said Warner. “We have a strong product lineup and this new round of funding will greatly facilitate the expansion and promotion of those products.”
With 45 years experience in the U.S. agriculture retail industry, prior to his term with Nutrien Ag Solutions, Warner helped expand South American distribution and was president of North American retail for Agrium.
Warner states that he plans to strive for targeted growth for PlantResonse not only organically, but by leveraging his knowledge of the key leaders in the sector through consolidation and acquisitions.
“I’ve spent my entire career in ag retail distribution and look forward to leveraging that experience to help PlantResponse Biotech work with the retail network to get the best products placed on farmer fields,” he said.
The potential in PlantResponse is evident to Yara International, which plans to usher the startup to the next level.
“We are excited to take part in PlantResponse Biotech’s journey to deliver solutions that support a healthier, more resilient agriculture sector,” said Erkki Aaltonen, director of venture investments, Yara International. “As a leader in the large and growing agricultural biotech market, it was a perfect match for Yara to invest smart money in PlantResponse Biotech to accelerate innovations that address the needs of a changing world. As Yara, we are in a position to help set startups up for success and growth, given our position on sustainability, global presence, technological and agronomic knowledge and emerging digital capabilities. Together we are better positioned to continue delivering on our mission to responsibly feed the world and protect the planet.”
-Lynda Kiernan