Puna Bio has announced the closure of a new funding round led by Corteva, Inc. This investment is part of Corteva’s Catalyst platform and includes contributions from other investors. The funding will support the development of Puna Bio’s product portfolio, which utilizes extremophile organisms.
Puna Bio’s products differ from traditional pesticides and fertilizers by focusing on natural solutions. These products aim to enhance nutrient uptake, improve stress tolerance, and boost crop quality. The company’s non-GMO seed treatments are derived from extremophiles found in La Puna, Argentina, which is known as the highest and driest desert on Earth.
CEO and co-founder Franco Martínez Levis stated, “Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils.” He added that it can also revitalize degraded soils that are typically too acidic or salinized to be productive. Levis emphasized the importance of sustainable agricultural practices, especially as many agricultural lands face degradation and extreme weather patterns.
Puna Bio received initial funding in 2022, primarily from At One Ventures, a US venture firm. The funding facilitated the establishment of the company’s first laboratory and the expansion of its core team.
The latest funding round includes participation from existing investors At One Ventures, SP Ventures, SOSV, and Builders VC. New investor Dalus Capital also joined the funding effort. Tom Greene, senior director at Corteva and leader of Corteva Catalyst, expressed confidence in Puna Bio’s technology. He noted the potential to enhance farmer profitability while promoting soil health and environmental sustainability.
This investment will enable Puna Bio to pursue deeper innovation and further product development. Additionally, the company plans to expand its operations into the United States, Brazil, and Paraguay, where it has already made strides in obtaining regulatory approvals and advancing commercialization.
