Pivot Bio expands sales of its microbiological products
US startup Pivot Bio, founded by employees of the University of California, has raised $430 million from venture capital investors led by DCVC and Temasek Holdings. The received money will be used to develop and increase the production and sales of microbiologic preparations that help plants to use nitrogen more efficiently than nitrogen fertilizers.
“Instead of wasting money on nitrogen fertilizers, we suggest farmers purchase our products,” said Karsten Temme, CEO of Pivot Bio.
According to his statement, microbiologic preparations can be applied to the soil along with the seeds during sowing, while nitrogen fertilizers are usually applied after sowing, thereby increasing the farmers’ expenditures.