University spin-out secures funds for green pesticides
Shirleen Davies: ‘we will be accelerating our plans’
A Glasgow University spinout specialising in the next generation of green insecticides has secured seed investment of £1.3 million to support ongoing development of its unique nature-inspired pesticides, the first of their kind to be developed worldwide.
SOLASTA Bio develops environmentally-friendly products that meet a global need for new and effective crop protection. These biopesticides also preserve the ecosystem by protecting beneficial insects such as bees.
The firm was established in May last year after four years of research funded by UKRI BBSRC and the EC, and commercialisation support from Scottish Enterprise’s High Growth Spinout Programme.
Its products effectively target insect pests while preserving beneficial pollinators such as bees in an environmentally friendly and sustainable manner.
Investors in this seed funding round include The Yield Lab Europe, SIS Ventures, members of Cambridge Agritech and UKI2S, who also provided access to the UKI2S managed Innovate UK Sub Fund grant. Founding investors UKI2S and Scottish Enterprise provided pre-seed funding.
With this latest funding secured, SOLASTA Bio is aiming to take the trials of its biopesticides out of the laboratory and into real-world settings.
The company aims to bring its first biopesticides to market in 2027, around half the time traditionally taken by synthetic pest control products.
The global insecticides market is currently dominated by synthetic chemicals accounting for 94% of insect control solutions, with a projected 2022 value of $22 billion.
While 75% of food crops are dependent on pollinator insects, other insects cause enormous social, health and economic damage accounting for at least $70 billion in US crop losses alone.
However, the insecticides market is under increasing pressure from widespread insect resistance, lack of species specificity, increasing regulatory controls and consumer preferences for non-chemical residues.