RESEARCH TRIANGLE PARK, N.C, Feb. 8, 2022 /PRNewswire/ -- Harpe Bioherbicide Solutions, Inc., a pre-commercial stage agricultural technology company focused on providing natural and sustainable herbicide solutions, today announced that it has closed more than $3 million in financing. The financing was led by Alexandria Venture Investments and iSelect Fund Management, with a follow-on investment from AgriTech Capital and support from agricultural industry angel investors.
HARPE BIOHERBICIDE SOLUTIONS SECURES $3 MILLION IN FINANCING ROUND
The financing provides Harpe Bioherbicide Solutions the resources to further advance research and development and strengthen its intellectual property portfolio that is established on a series of plant-based herbicidal active compounds.
Through wide spectrum control of broadleaf and grass seeds or weeds, the platform of Harpe products will deliver new opportunities for organic agriculture through a series of all natural herbicide formulations for pre, post and desiccation use patterns. In addition, a series of tailored Harpe pre and tank mix formulations will improve control of tough-to-kill weeds, including those resistant to current synthetic chemistries, facilitating the reduction, replacement, and synergy with synthetic herbicides used in row and specialty crop, commercial and consumer markets.
"There is an incredible need for the introduction of new, more sustainable herbicide alternatives. This is fueled by the vast number of synthetic herbicides facing increased weed resistance and is intensified by the lack of products with new modes of actions that can meet the needs of growers and consumers," said Chief Executive Officer Bill Buckner. "The challenges faced by farming extend well beyond the field, as consumers are demanding more transparency into food production. In addition, governing bodies continue to restrict the use of synthetic pesticides while increasing the pressure on farmers to produce high-quality food without negatively impacting soil, waterways and their neighboring environments."
Featuring new sites and modes of action, Harpe Bioherbicide Solutions will not only take a lead role in the bioherbicide market but developed products will impact the greater $27B industry of conventional herbicides1. Working both as pre-emergent weed prevention and post-emergent weed control, Harpe Bioherbicide products can be used alone or in combination with synthetic chemical herbicides to effectively eliminate resistant and tough-to-kill weeds. This allows for less harm to the soil and surrounding environment while increasing crop yields safely. The worldwide biopesticide market is expected to reach US$10.63 billion by 2027, driven by increased demand for organic food, elimination of synthetic chemical alternatives and intensifying efforts by governments and industry to use more sustainable products.2
In conjunction, the company also announced that former U.S. Ambassador Kip E. Tom will join as a member of its Board of Directors, which includes Bill Buckner, Dr. Chad Brommer, Daniel Pepitone and Aidan Connolly as Chairman.
Ambassador Kip E. Tom served as the United States Ambassador to the United Nations Agencies for Food and Agriculture (2019-2021) focused on food security, policy and trade globally. Currently, Ambassador Tom is the Managing Member of Tom Farms LLC and President, CereServ Incorporated and Founder-Managing Member of GlobalAG LLC. In addition to being active in Agri-Business operations in Indiana for the past 46 years, Ambassador Tom has also served as a crop production consultant to various companies in Argentina, Brazil and Chile.
"As a farmer and as an ambassador actively involved in improving sustainable food production, Harpe Bioherbicide Solutions is poised to exceed expectations in advancing agriculture through technology, said Ambassador Tom. "In looking to change the industry, Harpe Bioherbicide Solutions will deliver not only better products but also a whole new approach to natural herbicide innovation that stands to greatly benefit the world's agricultural food supply, particularly in emerging markets."
As part of the financing, Dr. Blake Stevens, Vice President of Science & Technology at Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments and Head of Alexandria LaunchLabs – AgTech, along with Craig Herron, Managing Principal of iSelect Fund will join the Board of Directors as Observers.
"We have a terrific board and world-renowned science advisory team. The involvement of these new members is a testament to Harpe Bioherbicide Solutions team and its technology," Buckner stated. "Each addition to our leadership team adds another level of excellence in their respective domains. We are fortunate to have the depth and breadth of their expertise behind us."
1) IHS Markit, Agrochemical Market Analysis, Industry Overview: 2020 Market
About Harpe Bioherbicide Solutions
Harpe Bioherbicide Solutions, Inc. is an ag tech company focused on providing natural and sustainable herbicide solutions to expand and provide new opportunities for organic agriculture while reducing, replacing, and synergizing with synthetic chemical use in row and specialty crop, commercial and consumer markets. The result will support farmers' success by overcoming current weed-control challenges and provide new sustainable farming practices to advance our food supply while improving the environment by decreasing the need for synthetic chemistry products. Learn more about Harpe Bioherbicide Solutions, Inc. at harpebio.com or follow us on social media at LinkedIn or Twitter.
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SOURCE Harpe Bioherbicide Solutions