Biotech startup BioPrime on Tuesday announced its $6 million Series A round led by Edaphon with equal participation from existing investors Omnivore and Inflexor. The investment, which is Belgium-based Edaphon’s first deployment in Asia, will be used in BioPrime’s research in the crop protection segment, focusing on the co-development of novel biofungicides and bioinsecticides.
The company said it is looking at expanding its existing range of biostimulants to North America, Brazil and Southeast Asia markets with trials in the US currently underway. It also plans to accelerate product development based on its patented technology platform BioNexus which has identified over 170 novel microbial strains from its library of close to 18,000 strains.
Speaking on the investment, Renuka Diwan, Co-founder & CEO, BioPrime said, “We will continue to pursue our strategic priorities of accelerating the development of industry solutions in the biologicals space. We look forward to enhancing the offerings to our existing B2B customers & entering into strategic co-development & licensing with industry players.”
Started in 2016, BioPrime said it has expanded workforce by 10X and tripled its product offerings.
Vincent Vliebergh, Managing Partner at Edaphon said the company has an “impressive balance between a strong portfolio of commercial products and a high-potential innovation pipeline.”
“Operating within India’s rapidly growing biostimulant market, BioPrime is deeply connected to the country’s agricultural core, providing crucial solutions to smallholder farmers and addressing sustainability challenges,” he said.
As the role of biotechnology increasingly gains significance across sectors viz., medicine, agriculture, energy and more, the size of the market is also expanding rapidly. According to the data from the India Brand Equity Foundation, the country’s bio-economy industry grew from $10 billion in 2015 to $130 billion in 2024 and is likely to expand to $300 billion by 2030.