Elicit Plant and the EIC Accelerator: Helping Crops Survive Drought

Elicit Plant, founded in 2017 in Charente, France, and led by CEO Jean-François Déchant, makes crop treatments from phytosterols, natural compounds found in plants, that help crops tolerate water stress. Its first product, BEST-a, was authorised in France in 2021 for corn and soybean. Its EIC project aimed to improve the formulation, create new products for other crops and stresses, run field tests and win marketing authorisations, with a target of "a turnover around 450 million euros in 2029", according to CORDIS.

The European Innovation Council granted €2,500,000 towards a €9.85 million project from March 2023 to February 2025, and offered "an equity investment of as much as €5 million", according to investor Sofinnova Partners. The report says the company won EU market authorisation for two new products at the end of 2023, "much earlier than expected", validated seven new candidate formulas, and measured average corn yield gains of 590 kg per hectare in 2023 trials. In November 2024 it raised a $48 million Series B led by Carbyne Equity Partners.

Where Elicit Plant Stands Now

After Bomafit Corn was registered in 12 US Corn Belt states in 2024, the company planned a full US launch in 2025 and soybean products by 2027, and cited partnerships with Bayer and BASF. It says its products "decrease crop water use by 20%". The Series B was also to scale operations in Europe and Brazil.

The Technology: Priming Plants for Dry Spells

The company says its phytosterols elicit the plant's own response to water stress, so crops use less water and keep yielding. The report claims an average productivity increase of 12% in 2023 trials and yield gains above 10% for its three main products, with more than two tonnes extra per hectare in the best conditions. The EU authorisations cover corn, straw cereals and sunflower across 48 million hectares of potential area.

What the EIC Project Promised, and What CORDIS Shows

The project promised better formulations, new products for more crops, field trials and marketing authorisations. The report documents all four: new formulas, multi-country trials, and EU approvals that arrived ahead of plan. The yield figures are the company's own trial results. CORDIS lists the project as closed.

1. New formulationsDeliveredSeven candidates validated.
2. Field trialsDeliveredFive countries, 2023.
3. Marketing authorisationsDeliveredEU-wide, end of 2023.
4. €450M turnover by 2029Far off€2.27M in 2023.

The Money

Elicit Plant's revenue grew from €106,000 in 2021 to €2.27 million in 2023, but its net loss rose to €6.47 million, according to its filings summarised by Pappers. Before the EIC award it had raised €16 million with the European Circular Bioeconomy Fund, ECBF said in February 2022. Whether the EIC's equity was invested has not been announced; the EIC is not named in the Series B release.

What Cannot Be Checked

Why Europe Should Care

The report cites research that climate change cut global farm productivity by 21% in the 20th century. A bio-based product that protects yields in drought would help European farmers adapt and reduce chemical use. The report says its EU approvals came much earlier than expected; the business now scales on private money.

The Verdict

Elicit Plant and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.