Provivi and the Bill & Melinda Gates Foundation Form Strategic Partnership
Santa Monica, California, February 23, 2021
Provivi, Inc. ("Provivi"), an emerging crop protection company using pheromones to protect large acreage row crops from major damaging insects, is pleased to announce a $10M investment by the Bill & Melinda Gates Foundation ("the foundation"). This amount adds to Provivi's recently announced $45.5M C2 fundraising round.
This investment in Provivi aims to further advance the foundation’s charitable objective of developing new crop innovations designed to meet the needs of smallholder farmers. The funding will support the production and distribution of crop protectants to address insect pests that have a disproportionate impact on small-scale producers within developing countries. The program will focus on several individual projects to develop and supply Provivi's pheromone-based Mating Disruption products against Rice Stem Borer and Maize Fall Armyworm to small scale farmers in Kenya, Bangladesh, and India.
"The investment by the foundation enhances our recently announced Series C-2 financing and signals a new and significant milestone in the growth of our company. We are grateful to join forces with an organization like the foundation, as their investment is a testament to the trust in the capabilities of Provivi and proof of shared mission and core values between Provivi and the foundation.," said Dr. Pedro Coelho, Co-Founder, and CEO of Provivi.
"A core mission of Provivi is to ensure the availability of our products to those farmers in developing countries, who stand to benefit the most from being able to use our safe and reliable technology. With this collaboration, we will leverage the technology recently registered and commercialized in Mexico, Brazil, and Kenya. Our products will help improve the livelihoods of farmers, who will now get access to this technology, by helping them prevent damaging insect attacks and thereby improve their crops and securing the supply of their staple food without putting their health or the environment at risk."
"We are very pleased to have the foundation invest in Provivi. The joint projects will help accelerate a core objective of Provivi, namely improving lives of small-scale producers in developing countries by selectively addressing devastating pest problems offering safe and affordable protection of their crops," said Dr. Ganesh Kishore, Chairman of the Board at Provivi.
Dr. Coelho concluded: "We are especially encouraged to continue to fuel Provivi's growth and boost our ability to work in developing countries. Agriculture is resilient, and farmers play an indispensable role in the global economy. We are excited to take the Provivi brand to new countries and to bring the benefits of pheromones to the grain crop farmers who feed the world." About Provivi We are a groundbreaking science-based company creating scalable, safer insect control technology that will improve the quality of life for all humans and our world. Provivi is developing a family of safe, effective, and economical pheromone solutions, creating a new foundation for pest and resistance management in crop production. Pheromones are substances that serve as highly selective attractants for insects, allowing the control of harmful pests while preserving beneficial insects. Provivi's patented production method enables a step-change in the cost of manufacturing pheromones, allowing the use of this proven tool in high-acreage crops such as corn, rice, and soy.
About Pheromones Pheromones are naturally produced substances that have been commercially used to disrupt insect pests mating for over 30 years. They are currently applied in approximately two million acres of high-value permanent crops such as apples, grapes, and nuts. The benefits of using pheromones are well established in the scientific literature: they enable a reduction of harmful residues on food while preserving biodiversity.
About Mating Disruption The principle behind Mating Disruption is to use the specific sex pheromones of an insect species and saturate the field with those substances usually emitted by the females to attract the males to enable mating. The high concentration of pheromones confuses male insects, and they cannot find the females. The mating is prevented, and pest infestation's growth is controlled in a preventive way without killing any insects. For more information, visit www.provivi.com , or find us on LinkedIn or Instagram, Facebook, and Twitter Media Contacts JP Vollmers-Hansen, Director Global Marketing; firstname.lastname@example.org
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