In California, Pivot Bio closed $70 million in Series B funding led by Breakthrough Energy Ventures, and includes Singapore-headquartered investment company, Temasek. This funding further strengthens Pivot Bio’s 2019 commercial launch of the first and only nitrogen-producing microbes for U.S. corn farmers that supplies a clean alternative to synthetic nitrogen to the crop each day.
“Breakthrough Energy Ventures is the perfect lead investor in Pivot Bio’s Series B funding. We both share a vision of a more sustainable food system and a commitment to a better planet,” said Karsten Temme, Ph.D., CEO and co-founder, Pivot Bio.
The new funding will support expanded research and development for the company’s second generation product, a seed treatment option, as well as product introductions beyond the U.S. in markets such as Brazil, Argentina and Canada. Within the company’s pipeline, Pivot Bio is developing nitrogen-producing microbes for other crops beyond corn, including wheat and rice.