September 19, 2024

By Gerelyn Terzo, Global AgInvesting Media

In a bullish sign for dealflow in the ag industry, Indianapolis-based seed company Corteva has partnered with Pairwise, a Durham, N.C.-domiciled gene-editing play, to accelerate the delivery of advanced gene editing solutions to farmers from Nepal to Nebraska. The deal involves a $25 million strategic investment made by Corteva into Pairwise through the seed company’s new umbrella entity dubbed Corteva Catalyst, a partnership platform designed to catalyze agricultural innovation and drive value creation.

Corteva is not the only backer, as its investment was part of a broader Series C fundraising round through which Pairwise raised $40 million. Led by Deerfield Management, the fundraising round extended to returning investors including Aliment Capital and Leaps by Bayer.

Gene-editing is the process by which a plant’s DNA is used to create precise improvements, strengthening a grower’s arsenal in the face of food production headwinds as a consequence of climate change. The proceeds of the equity investment will be directed toward facilitating gene editing to a wider array of staple and specialty crops.

The newly formed partnership between Corteva and Pairwise extends to a joint venture formed to speed up the facilitation of technology solutions created to bolster crop yields for food, fuel and fiber production. The JV, which will unfold over the span of five years, harnesses the advanced gene-editing capabilities of both companies, including Corteva’s plant-breeding technology.

Corteva Chief Technology and Digital Officer Sam Eathington stated, “Gene-editing is a transformational technology for agriculture that will advance climate resilience in farming and drive the increased farm productivity needed to feed and fuel the world’s growing population. As a gene-editing technology leader ourselves, we are proud to work with Pairwise to accelerate the benefits of gene editing not only to farmers, but ultimately to those who rely on the availability of sustainably grown and affordable food – and that’s all of us.”

Pairwise’s fundraising tally will also go toward scaling the company’s product pipeline, which includes seedless berries and pitless cherries in addition to its native Fulcrum Platform. The platform comprises a lineup of technologies and tools to access genome-editing innovation CRISPR for commercially viable products with improved plant genetics. Pairwise recently unveiled its innovative seedless blackberry variety, the maiden caneberry trait of its kind, which was created alongside thornless and compact traits to provide benefits to consumers, growers and the environment alike.

Pairwise Co-Founder and CEO Tom Adams commented on the fundraising, stating, “This new investment will enable us to expand the impact of our proprietary Fulcrum Platform as we continue to lead this transformation with our proven ability to deliver novel solutions that address the most pressing challenges in agriculture today.”

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