Glasgow-based agritech firm Solasta Bio has secured a further round of investment totalling £4 million to scale up the development of its nature-inspired pesticides.
Solasta Bio specialises in the next generation of green insecticides.
Investment in the pre-Series A funding round was led by Yield Lab Europe.
Other investors include Rubio Impact Ventures, Scottish Enterprise, Cavallo Ventures, SIS Ventures, UKI2S, and several private agritech investors.
Funding includes grant support from Innovate UK’s Transforming Food Production competition and Scottish Enterprise. This latest round brings the total raised by Solasta Bio to £5.5 million.
Solasta Bio develops environmentally-friendly Insect Control Agents (ICAs) that meet a global need for new and effective crop protection. These ICAs also preserve the ecosystem by protecting beneficial insects such as bees.
“The company has developed the world’s first technology platform for creating neuropeptide-based insect control products that are nature-inspired rather than selected from a synthetic chemistry library,” said Solasta Bio.
“These products effectively target insect pests while preserving beneficial pollinators such as bees in an environmentally friendly and sustainable manner.
“Disturbance of target physiological processes by neuropeptide-based ICAs leads to a reduction in pest species. SOLASTA Bio’s platform can be mobilised for any pest of interest.
“With its latest funding secured, Solasta Bio is aiming to scale up its UK and US operations, expand its technical and commercial teams, creating 25 jobs, accelerate the development of its technology platform and target new markets. Having run several successful early-stage R&D trials with commercial partners, Solasta is on course to bring its first ICAs to market in 2027, in at least half the time traditionally taken by synthetic pest control products. Solasta Bio’s technology is patent protected with further patent protection currently under submission.”
Solasta Bio is led by co-founding management team CEO Shireen Davies, CSO Julian Dow, and former BASF senior executive Paul Bernasconi, alongside chair Rob Wylie, CFO David Armour and chief commercial officer Daphne Preuss. The company currently employs a team of 25 R&D, commercial staff and consultants.
CEO Shireen Davies said: “We’ve spent the past 18 months developing our platform and validating peptide candidates with expert third parties and commercial partners.
“We’re really excited by the results and feel that we’re ready to take the next step towards commercialising our technology.
“With the issue of food security, and effective crop protection becoming an increasingly pressing issue for the agriculture industry and governments worldwide, there is an urgent need for sustainable environmentally-friendly alternatives to current synthetic pesticides.
“We’re confident that our technology provides the solution and has the potential to make a huge impact.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “Solasta is a terrific example of how breakthroughs in science and academia can be brought to bear on the world’s grand challenges and build the high-growth businesses of the future.
“We’ve supported the company since its very earliest stages and continue to be impressed by its product development; expanding, diverse team; and the strong cadre of investors it’s attracted.”