Financing advances R&D of natural herbicide portfolio and herbicide-tolerant row crop systems
RESEARCH TRIANGLE PARK, N.C., April 18, 2023 /PRNewswire/ -- Harpe Bioherbicide Solutions, Inc., an agricultural technology company focused on providing natural and sustainable herbicide solutions, today announced a $10.5 million round of fundraising, led by ADM (NYSE: ADM). Follow-on investments in the oversubscribed round included iSelect Fund Management and Alexandria Investment Ventures as well as company leadership and private agricultural industry investors.
The financing provides North Carolina-based Harpe Bioherbicide Solutions the resources to further advance research and development of its portfolio of natural, non-selective herbicide formulations, which use a series of active ingredient compounds found in plant extracts, to reach a commercial-ready phase. In addition, the financing supports the next development stages of Harpe herbicide-tolerant row crop systems, which will further expand and strengthen Harpe's intellectual property portfolio.
"Sustainability is a pillar of ADM's growth strategy and core to our purpose as a company, which is why we are excited to work with Harpe Bioherbicide Solutions to accelerate the introduction of new, nature-based herbicide options," said A.J. Todd, vice president of commercial development for ADM's mint business. "ADM's unique position spanning the food and ag value chain gives us the opportunity to propel change in multiple ways. In this case, we are a world leader in mint production, and will be providing key inputs to Harpe Bioherbicide's innovative product. Simultaneously, we're rapidly ramping up our regenerative agriculture work, which benefits from environmentally friendly herbicides. We're excited about this new collaboration and look forward to the opportunity to bring our plant-science and sourcing capabilities together with Harpe's groundbreaking work."
Harpe's portfolio of products, which features new sites and modes of action, offer wide-spectrum control of broadleaf and grass seeds or weeds. "Through a series of all-natural herbicide formulations, our products will deliver new opportunities for organic and regenerative agriculture for pre, post and desiccation use patterns," noted Bill Buckner, CEO of Harpe Bioherbicide Solutions.
In addition, a series of tailored Harpe premix formulations will improve control of tough-to-kill weeds, including those resistant to current synthetic chemistries, thus facilitating the reduction and replacement of, and rotation with, synthetic herbicides used in row and specialty crop, commercial and consumer markets. The further development of crops tolerant to Harpe herbicide formulations will pioneer the way for in-season use of the company's proprietary series of plant-based herbicidal active compounds and offer growers additional tools to help produce abundant, healthy crops.
"Harpe Bioherbicide Solutions exists to serve farmers on a global scale by developing novel and natural herbicide solutions to help mitigate increasing weed resistance challenges while seeking to advance sustainable practices in global food production," said Daniel Pepitone, COO of Harpe Bioherbicide Solutions. "The strategic commitment and support of a global leader like ADM, along with further backing from existing investors, enables Harpe to advance our portfolio of novel, natural herbicides and related herbicide tolerant trait technology closer to the market, and closer to the farmers in need of new solutions."
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 www.harpebio.com.
ADM unlocks the power of nature to enrich the quality of life. We're a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We're blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We're a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We're an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we're a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.
Daniel Pepitone, Harpe Bioherbicide Solutions, Inc.
Jackie Anderson, ADM
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