German multinational chemical company BASF increased its bet in the biopesticides space. The largest chemical producer in the world announced its investment in the Israeli biotech startup FortePhest, which develops a new technology to combat herbicide-resistant weeds and invasive plants.
The operation was made by its investment arm, BASF Venture Capital, in conjunction with US based Orbia Ventures, Sherpa InnoVentures, SIBF II and other investors. Funding parties agreed not to disclose the financial details of the investment.
FortePhest has developed several classes of herbicides with a new mode of action to inhibit the growth of weeds, with no harm to high-value corn, wheat, and other important crops. The Israeli firm is developing proprietary herbicides (H-Forte) which disrupt the homeostasis of free amino acids in plant cells and selectively target a weed’s meristems, stopping developments of shoots and roots.
Alex Kozak, co-founder and CEO of FortePhest says that “the capital will enable FortePhest to accelerate its development programs and work with potential global strategic partners to commercialize novel crop protection products that meet future regulatory requirements”.
