A startup led by a former top executive at Bayer Crop Science is growing its coffers in Raleigh.
Raleigh-based Harpe Bioherbicide Solutions has closed on $1.1 million in debt. It’s the second funder for the firm, which closed on $770,000 in equity just last year, securities filings show.
The company's CEO, Bill Buckner, is a name familiar to many in the space – he's an 18-year veteran of crop sciences giant Bayer.
Under Buckner's leadership, Harpe Bioherbicide is trying to solve the problem of weed resistance to synthetic chemicals, according to its website – the company did not return requests for comment. The more than 500 identifiable cases of resistant weeds are costing farmers billions. In the U.S. alone, farmers experience $33 billion in economic losses annually from weeds overtaking healthy crops, according to Harpe.
Harpe is answering the challenge with a natural biological herbicide portfolio – all derived from plant extracts, according to the company.
Named after the harpe sword – the name for the sickle used by Perseus to behead Medusa in Greek mythology – Harpe hopes to replace chemical standards – or even be used in partnership with what’s already on the market.
“The addition of Harpe’s new modes and sites of action will enhance synthetic herbicide efficacy – including control of resistant weed populations,” the website says. “The additive element will reduce current synthetic herbicide amounts needed to achieve weed control.”
And its latest funder only gets it part of the way there. The plan, according to a securities filing, is to close on $3 million, meaning about $1.9 million left to go in the round. Already, four investors have participated.
It’s unclear who those backers are, but TerMir, an agtech firm also focused on natural weed control, is listed in the funding disclosure. Like Harpe, it was cofounded by former BASF scientist Chad Brommer, who is also listed in the filing. Brommer led research and development for herbicides at BASF.
Buckner led Bayer Cropscience’s North American region from Research Triangle Park until his retirement in 2011. Buckner started with Bayer in 1993 as a marketing executive in their animal health business unit in Kansas, moving up the ranks until taking on the North American president and CEO role in 2006.
His LinkedIn page describes him as “semi-retired.”
Along with Buckner, the leadership team has a slew of heavy hitters, including Brommer, who is both founder and CTO.