It’s been a busy week for Pivot Bio as the company secured millions of dollars in funding and launched a second-generation product.
According to Mark Reisinger – vice president of commercial operations – Pivot Bio has introduced a new product called PROVEN 40, which is being promoted as a tool to replace up to 40 pounds per acre of synthetic nitrogen.
“Our first product Pivot Bio PROVEN,” Reisinger told IARN, “is a biological that delivers nitrogen to the corn plant minute by minute, hour by hour, and day by day during the growing season. There’s no degradation impact like with synthetic nitrogen.”
“Our big news this week,” he continued, “is we’ve introduced our second product which is Pivot Bio PROVEN 40. It’s pretty straightforward. It’s a 40-pound product. That has some farmers thinking about if they can change the way they apply synthetic nitrogen. Does that eliminate a pass? Because a pass across a field with iron today if you don’t own it, you’re paying a co-op or retailer $12 to $14 just to apply the synthetic nitrogen. In addition, you have to pay for the synthetic nitrogen. So, this is an opportunity maybe for folks to save money and it’s also an opportunity to better steward their nitrogen because this doesn’t leach.”
Reisinger says Pivot Bio this week also announced the close of a $430 million Series D funding. Those funds will allow the company to expand its field team in the U.S. and internationally. Some of the money will be used to develop a third-generation product, Reisinger said.
“Pivot Bio is a startup,” said Reisinger. “We started up in 2011. We’ve been through multiple rounds where we’ve had investors put financing into us to build a business. This last round, we were blessed to have approximately $430 million invested in our company based on our product and its take amongst the agriculture community. For the last three years, we’ve sold out. That is something that is very appealing to investors, of course, and so we’ve seen a lot of success.”