'Personalized seeds' raises $45m

Added on 30 April 2020

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Inari Agriculture, a Cambridge-based agtech startup that crafts "personalized seeds" for farmers, raised $45 million in a loan and security agreement with K2 HealthVentures (K2HV), a life sciences-focused investment firm.

This round complements the $89 million the company raised in equity last August. It will be used to accelerate the development and commercialization of gene-edited crops that address the challenges of climate change and improve productivity.

"Our alliance with K2HV enhances our financial position. It supports further expansion of our research and technology platform, as well as the development and commercialization of products that align sustainability with cutting-edge biotechnology," Inari CEO Ponsi Trivisvavet said in a statement. "The K2HV team has a strong understanding of our innovative approach to plant breeding and confidence in our vision of agriculture.

Inari Agriculture was founded by Flagship Pioneering 2016, and emerged from stealth in July 2018. The startup unites biological and data sciences to provide scientists and farmers with new crops better suited for local environments.

The company has done this with some success. Its first generation of proprietary improved corn and soybeans is currently being tested in greenhouses. The startup is now gearing up to introduce its gene-edited hybrid corn and soybean varieties commercially in the near future.

Source: Ag News