Elicit Plant, an AGtech company specialised in crops’ water resistance and in the development of innovative phytosterol-based solutions, announces it has raised EUR16 million in a Series A financing round.
The capital component was led by Sofinnova Partners, with the support of ECBF, Bpifrance, and historical investors, Aquiti Gestion-NACO fund and Credit-Agricole Charente Perigord Expansion, the rest of the funding came from a banking pool and public programs from Region Nouvelle Aquitaine and Bpifrance.
Elicit Plant was founded in 2017 with the ambition to become a sustainability transition champion in agriculture and respond to the global challenge of water stress in crops.
Funds will be used to accelerate commercialization of its products in France and several key markets throughout Europe, North America and South America. They will also serve to consolidate the scientific platform, expand laboratories, and diversify the portfolio of products to address additional types of crops.
