Danish Company Mycoverse Raises €2.4 Million for Biological Control of Potato Late Blight
Agricultural technology company Mycoverse, a spin-out from the Technical University of Denmark (DTU), has announced the raising of €2.4 million in pre-seed funding to develop innovative solutions in the field of biological crop protection. The main investors in this round were Future Food Fund and High-Tech Gründerfonds (HTGF), joined by the venture arm PINC from Paulig.
This is reported by AgroReview
Focus on Biological Protection and Combatting Late Blight
The funds raised will be directed towards the development of Mycoverse’s first product — a biological solution for combating potato late blight. This disease remains one of the most prevalent and dangerous threats to crops in Europe, especially in light of the integration of environmental requirements and the reduction of chemical pesticide use. Mycoverse employs a unique artificial intelligence-based platform to identify fungal strains and create bioactive substances capable of effectively protecting agricultural crops. The cultivation of fungi combined with these technologies allows for the creation of solutions ready for integration into modern agricultural systems.
The first candidates for biological protection have already demonstrated high efficacy in greenhouse tests. As noted by CEO and co-founder Sven Petersen, the additional funding will enable the expansion of field trials and accelerate the market entry of new biological plant protection products.
“This funding allows us to expand our field trial program, bringing us closer to providing biological plant protection products that farmers can use without changing their existing practices.”
Prospects for the Agricultural Sector and Investment
According to Christian Kannemeyer, senior investment manager at HTGF, the Mycoverse team has demonstrated exceptional scientific expertise and speed in developing candidates to combat potato late blight — this stage took only five months. The global market size for addressing late blight is estimated at approximately $1.9 billion, presenting significant opportunities for the implementation of biological solutions that will promote sustainable agricultural production and reduce environmental impact.
Kim Wagenaar, investment director at Future Food Fund, emphasized that the need for new solutions is increasing due to the reduction in the use of chemical pesticides and the rising resistance of pests to existing products. The fund’s investment strategy aims to support innovations within the “Planetary Boundaries,” and Mycoverse’s technology is a prime example of combining artificial intelligence and fungal biotechnology to create effective and safe products for agriculture.
PINC, the venture arm of Paulig, is also interested in developing technologies that reduce the use of chemicals in the food system. Senior investment manager at PINC, Rosemary Errero, highlighted the importance of solutions that support yield and contribute to soil preservation, biodiversity, and food security, noting that Mycoverse’s approach combines science with scalability, making it valuable for the company’s investment portfolio.
In the future, Mycoverse plans to expand the use of its platform to other crops, including grapes, in response to the accelerating transition of Europe’s agricultural sector towards biological crop protection.