IBI-Ag Completes Funding Round for its New Class of Bioinsecticides
A next step for its product optimization and platform expansion
MISGAV, Israel, June 21, 2021 /PRNewswire/ -- IBI-Ag, a biotechnology company developing a new class of bioinsecticides, announced an investment round for the optimization of its first product and expansion of the product portfolio spectrum.
Investors in the round include the Bayer-Trendlines Ag Innovation Fund, a partnership between The Trendlines Group and Bayer investing in breakthrough agricultural technologies, Agriline, and the Trendlines Group (SGX: 42T) (OTCQX: TRNLY). The company is also supported by grants from the Israel Innovation Authority.
IBI-Ag is developing natural, single domain antibody insecticides to increase crop production without harm to farmers, consumers, and the environment. The use of single domain antibodies as active ingredients is an innovative approach for insect control, having unique potential to serve as a novel type of highly effective agents due to their small size, stability, high-affinity, high-specificity, ease of manipulation and production.
Insect damage to crops causes losses in billions of dollars annually. Wide crop distribution continues to spread the insect pest problem globally, producing an urgent need for novel and effective nature-driven solutions. The agricultural market is still largely dependent on synthetic pesticides. The market for bioinsecticides is growing rapidly offering alternative solutions to traditional pesticides enabling integrated pest management schemes.
"We are thrilled at the close of this investment round which is a vote of confidence from Bayer and Trendlines in our continuing progress. Agriline has come on board recognizing the critical need for new bioinsecticides with much high levels of environmental sustainability," said IBI-Ag CEO, Shir Baor. "IBI-Ag creates an ideal balance between the need for mass-scale production of agricultural products with minimal impact on health, the environment and economic profitability."
From Trendlines, Nitza Kardish PhD., commented, "We are very happy to announce a follow-on investment in the company from the Bayer Trendlines Ag Innovation Fund. The continued support for a company that we believe in and have nurtured from pre- to post-incubation is a strong part of our investment philosophy. The innovative technology, professional and committed team, together with invaluable industry input and support are all the necessary elements for great success."
About IBI-Ag
IBI-Ag is developing a new class of bioinsecticides based on naturally-derived proteins with minimal impact on people, plants, and crops. The products are intended to provide effective crop protection, suitable for use against any type of insect pest, with minimal impact on non-target organisms. The new bioinsecticides are designed to be stable in diverse environments and varying field conditions.
Contact information:
Shir Baor, CEO IBI-Ag
[email protected]
Ph: +972.54.603.6013
SOURCE IBI-Ag
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