Cambridge, Massachusetts-based seed phenomenon Inari just inched closer to the commercialization of its agtech solution. Inari has clinched $144 million in a Series G fundraising round at a reportedly massive valuation of $2.17 billion, up from a previous valuation of $1.65 billion just a year ago, thrusting the company into the coveted unicorn club. The latest round brings Inari’s fundraising tally to $720 million, giving it ample runway for long-term growth as it nears the commercialization of its seed-tech solution.
In a further validation of its offering, Inari raised the lion’s share of capital from new investors in the latest round, including a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and a large financial investor collaborating on forthcoming agriculture projects. They joined an existing investor lineup extending to Hanwha Impact, NGS Super, the State of Michigan Retirement System and Flagship Pioneering.
Inari’s SEEDesign platform unlocks greater seed potential through gene editing and AI-powered predictive design, commanding less water, land and fertilizer than conventional crops, starting with corn, soybeans and wheat, which blanket 500 million-plus acres across the Americas alone. Inari’s first wave of products is focused on seed tech for large-acre crops, saying that its progress in soybeans, corn and wheat so far has “generated excitement” from seed companies in the U.S. and beyond. Inari employs what it calls an asset-light model that allows it to support rather than compete with its customers.
Founded eight years ago, Inari has faced its share of critics from the scientific community who questioned whether multiplex gene editing would ever be possible in plants. In response, Inari said it has proven the impossible to be possible amid what it described as a “culture of continuous innovation and a clear focus on improving sustainability in agriculture.”
Inari CEO Ponsi Trivisvavet commented, “This round of funding underscores investors’ steadfast confidence in our business and ability to bring truly impactful solutions to market. Inari is poised to redefine the seed technology landscape as we work to empower the industry with high-performing products on a global scale. In being a true business partner with seed companies, we aim to achieve our vision of a sustainable food system by designing seeds that support a thriving planet, food security and farmer well-being.”
Despite a tight capital raising environment for the agtech sector of late, Inari has found resounding success and has even garnered the support of the New York Stock Exchange trading floor. Last year, Inari attracted $103 million to its coffers in a Series F funding round. In 2022, the company closed on a $124 million Series E capital raising.
Image Courtesy of Inari
Of the latest capital raising, Flagship Pioneering Managing Partner and Inari Board member Stephen Berenson said, “With its pioneering technology, incredible team and commercial traction, Inari is well poised to create a new paradigm for the seed industry, delivering significant value to seed companies and their farmer customers.”
The content put forth by Global AgInvesting News and its parent company HighQuest Partners is intended to be used and must be used for informational purposes only. All information or other material herein is not to be construed as legal, tax, investment, financial, or other advice. Global AgInvesting and HighQuest Partners are not a fiduciary in any manner, and the reader assumes the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on this site.