September 27, 2018

Danish biotechnology company BioPhero ApS announced the completion of a $3 million Seed Round backed by Syngenta Ventures, Novo Seeds, and Syddansk Innovation.

Founded by Dr. Irina Borodina, BioPhero was spun out from the Technical University of Denmark in 2016 with the purpose to commercialize proprietary technology for the production of insect pheromones to be used as a highly sustainable and eco-friendly method of controlling insect pests in agriculture.

“We aim to commercialize ground-breaking innovation from the universities and we see BioPhero as a very promising university spinout,” said Peter Smedegaard, investment and portfolio manager at Syddansk Innovation.

Produced by insects as signaling molecules that can drive the behavior of other insects, BioPhero produces a class of pheromones that insects produce to attract each other during mating. By distributing BioPhero’s pheromones in a field, it disrupts insects’ ability to find each other and mate. This interruption results in a significant reduction in pest populations without causing harm to crops or the soil.

“Our investment in BioPhero expresses Syngenta’s commitment to stay at the forefront of delivering sustainable pest control solutions. Pheromones could be a key part of future integrated pest management programs,” said Michael Lee, director at Syngenta Ventures.

Historically, pheromone technology has been used only in specific markets due to its high cost of production, however, BioPhero is engaged in developing a novel biotechnology channel that has the capacity to significantly broaden the application of this effective yet benign form of pest control.

“Farmers around the world are in need of new forms of environmentally acceptable forms of insect control to protect their crops,” said Dr. Irina Borodina, research director at BioPhero. “This seed investment, together with the Horizon 2020 grant OLEFINE, will enable our vision to complete the next stage of BioPhero’s development as we begin to bring pheromones to the market.”

“BioPhero’s technology has been incubated with the support of Novo Seeds’ pre-seed grant program since 2015, and it has been a pleasure to work with a strong entrepreneur and follow the growth of the company,” said Thomas Grotkjær, principal at Novo Seeds. “The investment in BioPhero illustrates how we successfully translate strong academic discoveries into startup companies with transformative potential. We expect that bio-manufactured pheromones will be an important component in sustainable agriculture of the future.”

Under the terms of the investment, a new board will be established that will include Michael Lee of Syngenta Ventures, Thomas Grotkjær of Novo Seeds, Peter Smedegaard from SDI, and company founder Dr. Irina Borodina. Another new addition to the board is former CEO of Oxitec, Hadyn Parry, who brings a background in seeds and agrichemicals, and will serve as chairman.

The company’s leadership team has also seen a few changes, with Kristian Ebbensgaard, current business director of BioPhero with a background from Novozymes, being appointed to CEO, and Dr Irina Borodina assuming the role of research director.

-Lynda Kiernan