Elicit Plant Raises €16M in Series A Funding
Summary
Elicit Plant, an Moulins-Sur-Tardoire, France-based agtech company specialized in crops’ water resistance and in the development of innovative phytosterol-based solutions, raised €16m in Series A financing round. The round was led by Sofinnova Partners, with participation from ECBF, Bpifrance, and historical investors, Aquiti Gestion-NACO fund and Credit-Agricole Charente Perigord Expansion. They will also serve to consolidate the scientific platform, expand laboratories, and diversify the portfolio of products to address additional types of crops. Through its laboratories located in a precision farm in the Charente region in France, and its Brazilian branch in Sao Paulo, the company has developed an innovative biostimulant using phytosterol, a molecule found in plants. In April 2021, Elicit Plant obtained market approval from French regulatory authorities, and launched the commercialization of its first BEST-a products addressing corn and soybean crops.