Specialty producer Pivot Bio, Berkeley, Calif., reported on July 19 that it has closed on $430 million Series D funding led by California-based DCVC and Temasek Holdings, Singapore, bringing the total equity raised to more than $600 million.
The company said that since it introduced the industry’s first commercially available microbial nitrogen in 2019, Pivot Bio has replaced synthetic nitrogen on more than 1 million crop acres in 2021 alone, representing more than 300 percent growth year-over-year and unprecedented agricultural product adoption.
It said Pivot Bio Proven® 40, the company’s fourth commercial product in three years, enables farmers to replace up to 40 pounds per acre of synthetic nitrogen, almost double the performance of Pivot Bio’s inaugural product.
The company said its next stage of growth will focus on rapidly scaling its U.S. business and expanding into key international markets.