Puna Bio announced it had closed a new round of funding led by Corteva through its Corteva Catalyst platform. This new funding round was led by Corteva, a pure-play S&P 500 agriculture company, and participation from existing investors at One Ventures, SP Ventures, SOSV, Builders VC, and a new investor, Dalus Capital.
Compared to traditional pesticides and fertilizers, Puna Bio’s products are based on natural solutions that enhance nutrient uptake, tolerance to stress and crop quality. And their biological (non-GMO) seed treatments are based on the unique capabilities of extremophiles isolated from the highest and driest desert on Earth, La Puna of Argentina.
What the funding will be used for: The funding will support the further development of Puna Bio’s product portfolio based on extremophile organisms. And the new funding will enable Puna Bio to focus on deeper innovation and developing new products. And the company will expand its business to the United States, Brazil, and Paraguay, where it has already made progress in regulatory approvals and commercialization.
KEY QUOTES:
“Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils and revitalizes degraded soils that would normally be too acidic or salinized to be productive. With so much of the world’s agricultural land on the path to degradation and weather patterns becoming more extreme worldwide, our discovery platform ensures that we can continue feeding the global population in a sustainable way.”
Franco Martínez Levis, Puna Bio’s CEO and co-founder
“With its focus on new, more sustainable ways to enhance productivity, we see significant potential in Puna Bio and its technology. We remain encouraged not only by Puna Bio’s unique approach to developing biological inputs, but by strong field results with new technology that presents an opportunity to enhance farmer profitability while promoting soil health and environmental sustainability.”
Tom Greene, senior director at Corteva and global leader for Corteva Catalyst
