Crop protection startup iQBiotech has raised a $ 2.0 million seed round. Investors are impact oriented. The investment will allow iQBiotech to accelerate the commercial development of its leading product iQTrichoActive: an ecological broad-spectrum biopesticide based on a small natural molecule from the soil microbiome.
iQBiotech was founded in 2016 based on the knowledge of the biochemist Jose Antonio de Cote, its current President. Jose A. de Cote explains: “iQBiotech’s strategy has been to focus on soil health and primarily on the soil microbiome as a source of new small molecules with potential as phytosanitary products. With iQTrichoActive, we have shown that we can develop natural molecules into products that are safe and environmentally friendly, but also have the cost and performance characteristics that conventional farmers expect”.
Part of the new funding will be used to expand field trials on commodity and high-value crops. In the 2021 growing season, iQBiotech conducted successful “in vitro” “in vivo” trials in collaboration with scientists from the University of Florida. Studies with iQTrichoActive consistently showed a decrease in disease pressure and produced benefits equal to or better than the best chemical fungicides in their class.
Dr. Tony Salas, CEO of Shared-X, who co-led the investment, noted that Shared-X has evaluated thousands of investment opportunities in agricultural technology in the early stages. What sets iQBiotech apart is the quality of research and the unique product profile of its potential customers. “We see a great opportunity for crop protection that is as safe as a biological product but works as well as a chemical.” Following the investment, Dr. Salas joined the company as Executive Chairman and shares a board seat with Sylvio Petto currently at Mana Tree a Food and Agtech investment fund, and previously at Cargill and Syngenta. Mr. John Denniston, a former Senior Partner at Kleiner Perkins is an observer to the board.
iQBiotech’s current 5-member is headquarter at the CIC co-working station in Miami and has filed for important patents to spread their products through a very active R&D network of trials in the East Coast and the Midwest, as well as establishing distribution contracts with reputable commercial leaders in LATAM.
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