Harpe BioHerbicide Solutions closes seed round supporting development of biological herbicide platform
• Agritech Capital leads fundraising round
• Bioherbicide based on a series of novel plant extracts to provide superior natural crop protection
Raleigh, NC – January 18, 2021 -- New ag start-up Harpe BioHerbicide Solutions, Inc., a Raleigh, North Carolina, biological herbicide developer, has raised almost $1 million, with fundraising led by Agritech Capital, also a North Carolina company, based in Wilmington.
The development of effective biological herbicides is especially critical in view of growing restrictions and phase out of key synthetic chemical active ingredients such as glyphosate (Roundup®), and other chemical herbicides such as dicamba, paraquat and atrazine.
Government regulation and restrictions are being driven by the consumer backlash against the use of chemical-based weed killers and herbicides. Development of herbicide-resistant weeds in fields around the world is also forcing farmers to use higher amounts of existing synthetic herbicide formulations to manage weeds, resulting in the need for a new generation of compounds based on natural approaches.
Harpe BioHerbicide Solutions, Inc., a spin-off of TerMir, Inc., have been working with novel compounds and approaches to crop protection for several years and, with considerable intellectual property in the field of biological herbicides, is a world leader in the sector. Harpe BioHerbicide Solutions, Inc. is led by Chief Executive Officer, Bill Buckner, former Bayer Crop Science CEO and Chief Technology Officer, Dr. Chad Brommer, previously with BASF. The Company has already conducted a series of promising trials, with products undergoing further formulation developments.
Harpe BioHerbidice Solution’s biological herbicides controls a wide spectrum of weeds, including those with resistance to today’s synthetic chemistries. The groundbreaking technologies, which take advantages of ingredients provided by nature, is based on a series of novel plant extracts to provide superior natural crop protection. The series of plant extracts serve as a platform that can be adjusted to fit different weed control scenarios.
It is expected that Harpe BioHerbicide Solutions, Inc. will look to a variety of strategies including the opportunities to use its products directly in the case of organic production or where there are restrictions on the use of synthetic herbicides. The platform of biological herbicides can also be used in combination with other herbicides to reduce the total amount of synthetic chemistry needed, or in rotation programs with existing chemical formulations.
In response to the fund raising, Mr Buckner commented, “I am extremely excited by what I have seen so far with Harpe BioHerbicide Solutions, Inc. As a professional with over 40 years in the business and a farm owner myself, I am aware of the challenges we are face. Finding a sustainable model to deliver new weed control solutions in the shadow of weed resistance is paramount. The world needs new technologies from successful start-ups, such as Harpe BioHerbicide Solutions, Inc., to come to the market as soon as possible.”
Aidan Connolly, President of Agritech Capital said, “This is another opportunity for Agritech Capital to get involved at the ground level with start-ups. Certainly, aside from the financial help to seed the companies first steps, I am also very excited by the fact that Harpe BioHerbicide Solutions, Inc. is availing itself of our considerable global network of advisors and contacts. Using such talent to shape the strategy for this organization is going to be very important to achieve success in the future.
About AgriTech Capital
AgriTech was established in 2018, as a resource for new and established companies working at the interface of agriculture and technology. Since then, we have worked with a range of firms, at varying stages of development. Companies that we have worked with have launched new products, expanded across the globe, raised hundreds of millions in capital, and grown from concept to profitable businesses. More information can be found at www.agritechcapital.com
About Harpe BioHerbicide Solutions Inc.
Based in Raleigh, NC, Harpe BioHerbicide Solutions (Harpe) is an innovative forward-thinking agriculture technology company that focuses on the development of safe, sustainable, eco-friendly solutions for challenging agronomic problems. Harpe’s initial product portfolio harnesses a unique combination of plant extracts to provide safe, natural, and sustainable weed-management solutions for both organic and industrial agriculture. More information can be found at www.harpebio.com
# # #
Aidan Connolly Bill Buckner
AgriTech Capital Harpe BioHerbicide Solutions
[email protected] [email protected]