1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support startups and small and medium-sized enterprises (SMEs) that are developing groundbreaking technologies and innovations. Aimed at fostering deep tech and scaling up innovative companies, the program provides a unique combination of grant funding and equity investment to facilitate growth and commercialization of advanced products and services. The grant can reach up to €2.5 million, while the equity investment can be as high as €15 million until 2024, subsequently reduced to a maximum of €10 million from 2025 onwards.

Purpose of the EIC Accelerator

The EIC Accelerator serves as a vital component of the European deep tech and startup ecosystem. By providing financial support, the program aims to bridge the funding gap that many innovative companies face during their growth stages. This initiative encourages the development of high-impact technologies that can address societal challenges, promote sustainability, and enhance Europe's global competitiveness. The EIC Accelerator not only focuses on financial assistance but also offers mentorship, coaching, and access to a network of investors and industry experts, thereby enabling companies to scale effectively.

Funding Structure

The funding provided through the EIC Accelerator is structured as blended finance. This means it combines both grant funding and equity investment, allowing companies to secure necessary capital while minimizing the dilution of ownership. The grant component, which can reach up to €2.5 million, is aimed at covering specific project costs, particularly during the early stages of development. The equity investment, on the other hand, is intended to provide significant financial backing for scaling operations and entering new markets. This dual approach ensures that innovative companies can navigate the complex landscape of funding and growth with greater agility.

ELICIT PLANT: A Case Study

Company Overview

ELICIT PLANT, a French company, emerged as a winner of the EIC Accelerator for its innovative project titled "Generation Biosourced Biologicals." The project was submitted on October 5, 2022, as part of the Step 2 proposal process, ultimately leading to success in the Step 3 interview phase.

Project Description

The "Generation Biosourced Biologicals" project focuses on the development of biosourced biologicals composed of phytosterols. These compounds play a crucial role in enhancing plant resilience against water stress and biotic stress, aligning with the transition to ecological agriculture. The goal of the project is to provide sustainable solutions that enable crops to withstand adverse environmental conditions, thereby supporting agricultural sustainability and food security.

Technology Background

Phytosterols are plant-derived compounds that share a structural similarity with cholesterol in animals. They are known for their beneficial effects on plant health, including the enhancement of stress tolerance. By leveraging these compounds, ELICIT PLANT aims to develop biological solutions that help crops better manage water scarcity and resist various biotic stresses such as pests and diseases.

The technology underlying the project involves the extraction and application of phytosterols in agricultural practices, emphasizing a shift towards ecological methods that reduce reliance on synthetic chemicals. This approach not only addresses the immediate challenges faced by farmers but also contributes to the long-term sustainability of agricultural systems.

Conclusion

The EIC Accelerator program plays a pivotal role in fostering innovation within the European deep tech landscape. Through its blended financing model, the program provides essential support for startups like ELICIT PLANT, enabling them to scale their groundbreaking technologies. ELICIT PLANT's project, "Generation Biosourced Biologicals," exemplifies the program's commitment to promoting sustainable agricultural practices and enhancing crop resilience, ultimately contributing to global food security and environmental sustainability.

2 The Funding Rounds

# Elicit Plant: Funding Journey and Financial Growth

Elicit Plant, a pioneering agri-biotech company based in Moulins-sur-Tardoire, France, has secured significant funding since its founding in 2017, with a notable milestone being its EIC Accelerator award in late 2022. The company specializes in developing phytosterol-based biosolutions that enhance crop resilience to drought and environmental stress, helping farmers adapt to climate change challenges.

EIC Accelerator Funding (December 2022)

Elicit Plant was selected from over 1,000 applicants in the October 5, 2022 cut-off of the European Innovation Council (EIC) Accelerator program. In December 2022, the company secured a substantial funding package consisting of:

• €2.5 million grant
• Up to €5 million in equity investment

This combined €7.5 million funding from the European Commission through the EIC Accelerator program was designed to help Elicit Plant develop its plant-based biologicals platform, diversify its product portfolio, and bring new natural solutions to market.

Recent Funding Rounds

Series B Round (November 2024)

In November 2024, Elicit Plant announced a significant Series B funding round:

• Amount: $48 million (approximately €45 million)
• Lead investor: Carbyne Equity Partners
• Participating investors: Sofinnova Partners, European Circular Bioeconomy Fund (ECBF), and BPI EcoGreenTEch fund

This funding was primarily intended to: - Accelerate Elicit Plant's global expansion, particularly into the U.S. Corn Belt

• Enter the U.S. market by 2025
• Accelerate commercial development in key European markets and Brazil
• Expand strategic partnerships with agri-input players

Company Valuation

As of October 2022, Elicit Plant had a reported enterprise valuation of $88 million, according to public information available on Dealroom. This valuation likely increased following the successful Series B round in November 2024, though specific updated figures are not provided in the search results.

Total Funding History

Based on the available information, Elicit Plant's funding timeline includes:

• Founded in 2017
• Total raised: $74.28 million (as reported by CB Insights prior to the Series B round)
• Series A-II stage funding: $5.33 million (approximately 2 years before May 2025)
• EIC Accelerator funding: €7.5 million (December 2022)
• Series B funding: $48 million (November 2024)

Impact of Funding

The funding from the EIC Accelerator program has been instrumental in expanding Elicit Plant's research and development capabilities. In the two years following this investment (2022-2024), the company successfully introduced major innovations in abiotic stress management and expanded its product offerings.

The company's solutions have demonstrated impressive results, including the ability to reduce crop water consumption by 20%, which is particularly valuable as 23% of U.S. land area experiences water stress.

Investor Information

Elicit Plant has attracted investment from several notable firms:

• Sofinnova Partners: A historic investor that has supported the company from early stages
• European Circular Bioeconomy Fund (ECBF): A significant contributor to the Series B round
• Carbyne Equity Partners: Lead investor in the Series B funding round
• BPI EcoGreenTEch fund: Participating investor in the Series B round
• European Innovation Council: Provider of both grant and equity funding through the EIC Accelerator program

Leadership and Governance

The company is led by Jean-François Dechant, CEO and co-founder, who expressed that the EIC Accelerator's support came as "a strong recognition of the major milestones Elicit Plant has achieved". Dr. Pam Marrone serves as the Chairwoman of the Board of Directors.

No information about IPOs, buyouts, or acquisitions involving Elicit Plant was found in the search results, suggesting the company remains privately held as of May 2025.

Sources: - Elicit Plant Awarded €7.5 M funding from the European Commission

• Elicit Plant awarded up to €7.5 M funding from the European Commission
• Elicit Plant company information, funding & investors | Dealroom.co
• Elicit Plant Announces $48 Million B Series investment round to Fuel US Expansion
• Elicit Plant - CB Insights
• ECBF Series B Impact Investment Elicit Plant

3 The Press Releases

Elicit Plant: Advancements and Milestones Since EIC Accelerator Funding

Elicit Plant, a pioneering French agri-biotech company specializing in biosolutions for broad-acre crops, received significant funding from the European Innovation Council (EIC) Accelerator program in October 2022. The company was awarded a €2.5 million grant and an equity investment of up to €5 million, totaling €7.5 million. This funding has been instrumental in driving Elicit Plant's research and development efforts, focusing on sustainable agriculture solutions.

Key Developments

• Innovation Expansion: Since receiving the EIC funding, Elicit Plant has made substantial advancements in developing phytosterol-based biosolutions. The company has successfully expanded its product line to include solutions for sunflower and cereal crops, in addition to its existing maize product, BEST-a. These innovations have been approved in all 27 European countries.
• Global Expansion: Elicit Plant has achieved rapid commercial adoption across Europe, with significant market penetration in 12 new countries. Additionally, the company has adapted formulations for the U.S. and Brazilian markets, conducting nearly 200 trials to secure market authorizations in these regions.
• Impact on Sustainable Agriculture: Elicit Plant's solutions are designed to enhance crop resilience against climate challenges. The company's BEST-a product has shown a 12% average increase in corn yields through large-scale trials across three continents, validating its effectiveness in reducing water consumption and addressing climate change impacts.

Technology and Partnerships

• Phytosterol Technology: Elicit Plant's proprietary platform leverages phytosterols to improve crop resistance to abiotic stress, such as water stress. This technology has been refined through extensive research and field trials, leading to breakthrough products that support sustainable agriculture practices.
• Investor Support: Elicit Plant has received strategic support from investors like Sofinnova Partners, who recognize the company's potential in executing its business plan and commercializing innovative products globally.

Press Releases and Updates

Elicit Plant regularly updates its website with press releases highlighting its achievements, such as the successful validation of its BEST-a product and the expansion of its biosolution offerings. These releases are crucial for communicating the company's progress and strategic milestones to stakeholders and the broader public.

Sources: - Elicit Plant Awarded €7.5 M funding from the European Commission

• EIC Accelerator winners and statistics October 2022
• Elicit Plant Development and Launch of New Biosolutions
• Elicit Plant awarded up to €7.5 M funding from the European Commission
• Elicit Plant validates on a large scale the performance of its BEST-a product

4 The Technology Advancements

Elicit Plant: Current Capabilities and Advancements

Elicit Plant, a pioneering agri-biotech company from France, specializes in biosolutions for broad-acre crops. Since receiving funding from the European Innovation Council (EIC) Accelerator program in December 2022, the company has made significant advancements in abiotic stress management and expanded globally.

Current Capabilities

Elicit Plant's current capabilities include developing phytosterol-based biosolutions, which enhance plant resilience and reduce water consumption by up to 20%. Their product portfolio includes solutions for maize, sunflowers, cereals, and soybeans, with a focus on sustainable agriculture practices.

Advancements Since EIC Funding

Following the EIC funding, Elicit Plant has achieved several milestones:

• New Innovations: They have developed new phytosterol-based biosolutions for sunflowers and cereal crops, which have been approved in all 27 European countries.
• Global Expansion: The company has expanded rapidly into 12 new European countries and reinforced its presence in France and Ukraine. Additionally, formulations tailored for the U.S. and Brazil have undergone extensive trials, leading to market authorizations in these regions.
• Partnerships: Elicit Plant has partnered with BASF France-Agro Division to accelerate the development of biostimulants like EliSun-a and EliGrain-a for sunflowers and cereals.

Technology Improvements and Market Demonstrations

The company's technology platform has been enhanced through the development of new products that improve crop resilience under climate stress. These solutions have been successfully demonstrated in various markets, including Brazil and Eastern Europe, with significant commercial adoption.

Intellectual Property and Scientific Contributions

While there is no specific information about new patents filed or scientific studies published by Elicit Plant since the EIC funding, the company has emphasized its commitment to innovative and sustainable agricultural practices. Their advancements are primarily focused on expanding product lines and enhancing their technology platform for global markets.

Sources

• Elicit Plant x EIC
• Elicit Plant Announces €45 Million Investment Round
• Elicit Plant Announces €45 Million Investment Round
• Elicit Plant Accelerates International Expansion
• BASF and Elicit Plant Partner
• Elicit Plant Awarded Funding from European Commission
• As Climate Change Accelerates, Elicit Plant Plans 2025 U.S. Market Entry

5 The Partnerships and Customers

Elicit Plant's Strategic Partnerships and Market Expansion Post-EIC Accelerator Funding

Since receiving €2.5 million in EIC Accelerator funding in December 2022, Elicit Plant has accelerated its global growth through strategic partnerships, product diversification, and market expansions.

Key Partnerships

• BASF France – Agro Division: In October 2024, Elicit Plant announced a partnership with BASF to co-promote EliSun-a® (sunflower) and EliGrain-a® (cereals) biosolutions in France for the 2024-2025 campaign. This collaboration aims to integrate bio-solutions into conventional farming practices to enhance climate resilience while reducing chemical inputs.
• Sofinnova Partners & ECBF: These investors led a €16 million Series A round in February 2022 and participated in the $48 million Series B round in November 2024, supporting R&D scale-up and international market entry.
• Carbyne Equity Partners: Led the $48 million Series B round to fund U.S. expansion, including Bomafit Corn’s launch in 2025 and soybean product development by 2027.

Market Expansion & Customer Base

• Europe: Rapid adoption of phytosterol-based biosolutions across 12 new European countries within six months post-EIC funding, with products approved in all EU member states.
• Brazil & U.S.: Adapted formulations underwent ~200 trials, securing approvals for maize solutions. The U.S. expansion targets the Corn Belt, addressing water stress affecting 23% of U.S. farmland.
• Ukraine: Maintained commercial operations despite geopolitical challenges, leveraging earlier market approvals for maize biosolutions.

Impact on Positioning & Technology Advancements

The partnerships strengthen Elicit Plant’s role as a leader in sustainable agri-tech:

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Sources

Elicit Plant Awarded €7.5 M Funding | PR: EIC Accelerator Results | BASF Partnership PR | $48M Series B Announcement | Sofinova Partners Update

Note: Some URLs are approximations due to typos or formatting inconsistencies observed; verify directly via sources cited.

6 The Hiring and Company Growth

Elicit Plant's Team Growth and Hiring Strategy Post-EIC Accelerator Funding

Since winning EIC Accelerator funding in October 2022, Elicit Plant has undergone rapid international expansion, marked by triple-digit annual growth (150% per year) and a projected revenue of over €10 million for the 2024-2025 campaign. While specific current headcount figures are not publicly disclosed, the company operates across Brazil, Europe, and the U.S., with recent hires focusing on leadership roles to drive market entry and product development.

Key Growth Metrics

• Expansion: Launched products in France (2022), Brazil (late 2023), Eastern Europe (2024), and preparing U.S. market entry for 2025.
• Revenue: Achieved triple-digit growth annually since 2022, with a projected €10M+ revenue for 2024-25.
• Funding: Raised €45M in November 2024 to accelerate global commercialization and R&D.

Hiring Activity

Elicit Plant has strategically expanded its leadership team to support scaling:

• Pam Marrone, biosolutions pioneer, serves as Board Chair to guide U.S. strategy.
• Rachel Raymond, appointed US Strategic Advisor, oversees market deployment.
• Slavica Djonovic joined as Chief Scientific Officer (CSO) to lead R&D innovation from Boston.

Future Scaling Impact

New team members emphasize partnerships with agri-input giants like Bayer and BASF while advancing phytosterol-based solutions for crops such as corn, soybeans, wheat, and sunflowers. The hiring of regional advisors ensures localized adoption of EliTerra® technology ahead of its U.S. launch in 2025—a critical step given drought-related losses exceeding $7.4B annually in the U.S..

Management Changes

No major changes among founders are reported; CEO Jean-François Déchant continues leading operations alongside co-founders. Recent additions like CSO Djonovic reflect a strengthened scientific focus to address climate-driven agricultural challenges globally.

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Sources

7 The Media Features and Publications

Elicit Plant: Media Features, Publications, and Events

Elicit Plant, a pioneering agri-biotech company from France, received significant funding from the European Innovation Council (EIC) Accelerator program in October 2022. Since then, the company has been featured in various media outlets and has participated in several events.

Media Features and Publications

Elicit Plant has been highlighted in publications for its innovative approach to sustainable agriculture. Notably, it was awarded €7.5 million in funding, comprising a €2.5 million grant and a potential €5 million equity investment, to develop and launch new biosolutions. These biosolutions are designed to help crops adapt to climate challenges by enhancing their resilience to stressors such as drought.

Publications have also covered Elicit Plant's success in validating the performance of its BEST-a product, which reduces water consumption in corn crops and addresses climate change challenges. The company reported significant yield increases in open-field trials conducted across Europe, North America, and South America.

Podcasts and Interviews

While specific podcasts or interviews featuring Elicit Plant's team are not documented in the available sources, the company's CEO, Jean-François Déchant, has expressed gratitude for the EIC funding and emphasized its role in accelerating the company's growth and innovation.

Conference and Fair Visits, Presentations

Elicit Plant's participation in conferences and fairs is not explicitly mentioned in the available sources. However, the company's involvement in the EIC Accelerator program suggests that it may have opportunities to present its innovations at relevant European innovation and technology events.

Involvement in Events

Elicit Plant's involvement in events related to sustainable agriculture and innovation is likely, given its focus on developing solutions for climate-resilient crops. The EIC funding has been instrumental in expanding the company's research and development capabilities, positioning it for further growth and participation in industry events.

Sources

• Elicit Plant Awarded €7.5 M funding from the European Commission
• Elicit Plant Validates on a Large Scale the Performance of its BEST-a Product for Corn
• Elicit Plant Awarded up to €7.5 M Funding from the European Commission