Female-led SOLASTA Bio on Its Way to Providing New Solutions to Protect Crops
By Gerelyn Terzo, Global AgInvesting Media & Michelle Pelletier Marshall, WIA Media
(NOTE: A first version of this story appeared in our sister publication, GAI News)
Shireen Davies, Ph.D., FRSE and CEO and co-founder of SOLASTA Bio, was one of a team of professors who started this UK-based ag-biotech startup in 2020. After years of research, they cracked the peptide code for insects, which means that their SOLASTA Bio solution can offer unique insect specificity.
As Davies explained it, “Each peptide is designed to target one specific pest insect group, meaning these products are highly bio-safe (non-harmful) to all non-targeted species within the environment – including essential pollinators, other wildlife, humans and land itself.” According to the U.N. Food and Agriculture Organization, 40 percent of global crop production is erased due to plant pests and diseases.
The company is now targeting the commercialization of its crop protection solution and recently secured $14 million in an oversubscribed Series A fundraising round. Led by Forbion through its BioEconomy fund strategy, the round also included an investment from sustainable ag-focused FMC Ventures, the corporate VC arm of FMC Corp, and Corteva Catalyst. Existing investors Cavallo Ventures (the VC arm of Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures and the University of Glasgow also returned for the latest round. Proceeds from the round will be directed toward accelerating the development of SOLASTA’s innovative peptide-based, nature-inspired bioinsecticides.
“The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides,” said Davies. “With Series A now secured, it’s time for SOLASTA Bio to kick on to the next level and successfully hit our targets for commercialization.”
SOLASTA’s fundraising round comes on the heels of a fruitful trial season in which its insect control agents showed desired efficacy, equal to or better than commercial standards based on roughly two-dozen field trials on multiple crops across Europe, the U.K. and the United States. These biodiverse options are a key to building resilient ecosystems that can adapt to environmental changes and disturbances. Backers cheered SOLASTA’s first-mover advantage for a tech-based platform that creates insect control agents, aka bioinsecticides, inspired by nature, not a synthetic chemistry library.
This includes lead investor at Forbion, Joy Faucher, who as part of the fundraise agreement will join SOLASTA’s board of directors. She commented, “As traditional insect control agents struggle with resistance and impact to biodiversity, SOLASTA is poised to revolutionize the crop protection market at a critical time, with a cost-effective, sustainable and high-efficacy alternative that can be adopted seamlessly by farmers. The team’s deep expertise in insect neuropeptide modalities, their differentiated tech platform and proven real-world data provide a unique position to launch a series of first-in-class products that can redefine the agriculture industry.”
The global agrochemicals market size was valued at US$271.42 billion in 2023 and is projected to grow at a CAGR of 5.3 percent from 2024 to 2030.
Alongside that, the agri natural enemy pest control market – that in which the strategic management of pests encompasses insects, mites, weeds and plant diseases through the utilization of other organisms – was estimated to be valued at US$17.61 billion in 2023 and is expected to reach US$30 billion by 2033. The adoption of agri natural enemy pest control is estimated to grow at a CAGR of 5.5 percent during the forecast period.
Commentaires