October 5, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Massachusetts-based, mission-driven seed breeding technology company Inari announced it closed on another $124 million in Series E funding, successfully completing its latest fundraise and bringing cumulative capital commitments to the company to $475 million. 

This round reflects strong support for the company from new investor Canada Pension Plan Investment Board (CPP Investments) and the company founder Flagship Pioneering. Participants also included existing investors Hanwha Impact Partners, NGS Super, and Banque Pictet, on behalf of some of their customers, and new investor Sage Hill Investors.

It also follows little more than a year after the company closed on a $208 million Series D in May 2021; an $89 million Series C in August 2019; a $40 million Series B in August 2018; and a closing on $45 million through a loan and security agreement with K2 HealthVentures in April 2020. 

Launched by Flagship Pioneering in 2016 in Cambridge, Massachusetts, Inari was created with a mission to transform agriculture and mitigate its impact on society and the environment through new approaches to plant breeding that reduce the natural resources needed to grow food for a more sustainable future.

“When Flagship Pioneering founded Inari, we envisioned the potential of adapting technology platforms previously used for human health to transform our global food system and have a restorative impact on our planet,” said Robert Berendes, Ph.D., executive partner, Flagship Pioneering, and Inari board member.

“This fundraise further validates the company’s pioneering advances and fuels the next phase of bringing breakthrough seed solutions to market, thereby unlocking new possibilities for farmers, consumers and the planet.”

Through its SEEDesign™ platform, Inari takes a two-step approach to its technology. By combining AI-powered predictive design and what the company calls “a pioneered multiplex gene editing toolbox”, Inari builds blueprints for its cutting-edge combination of gene editing tools that enable multiple edits within a single genome.

By demonstrating the viability and efficacy of its technology, Inari has created an opportunity to not only exponentially improve yields, but to also have real positive effect upon water and fertilizer use efficiencies – positing a novel approach to mitigating climate change by focusing on using seeds themselves as drivers for sustainable solutions.

With the capital from this round, the company stated that it will further advance its leading position in multiplex gene editing seed technology, and will expand its product development activities to ultimately deliver new value to the commercial seed market.

“Inari is introducing innovations that stand to make a big impact on the long-term future of the global food system,” said Leon Pedersen, managing director and head of growth equity, CPP Investments. “As long-term investors, we are confident that our investment in Inari will support their efforts to feed the world more sustainably while also producing strong risk-adjusted returns for the CPP Fund.”

Concurrent to the successful closing of this Series E, Inari also entered into a refinance and upsized loan agreement with K2 HealthVentures, providing Inari access to up to $60 million in debt capital, further strengthening the company’s position and financial flexibility. 

“This news reaffirms the relevance and importance of our mission at Inari to unlock the full potential of seed,” said Ponsi Trivisvavet, CEO, Inari, who also has been a recipient of the Women in Agribusiness Demeter Award of Excellence. 

“These investments put us in a position to truly push the boundaries of what is possible and design seeds for a more sustainable, nature-positive food system.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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