January 30, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

I have been sharing the successes of mission-driven seed breeding technology company Inari for about six years, and now I get to share that the company has closed on $103 million in Series F funding, bringing total equity raised to-date to over $575 million. 

In a show of enduring confidence, this round saw strong support from existing investors including Hanwha Impact, Canada Pension Plan Investment Board (CPP Investments), Rivas Capital, NGS Super, State of Michigan Retirement System, and company founder Flagship Pioneering. Joining this impressive list were several new investors as well, including RCM Private Markets fund, advised by Rokos Capital Management (US) LP.

“These investments represent further external validation of Inari’s innovative technology and confidence in our creation of significant economic and environmental value by delivering our breakthrough, nature-positive products to seed customers,” said Ponsi Trivisvavet, CEO, Inari.

Launched in 2016 by Flagship Pioneering 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, in 2022 when the company closed on its $124 million Series E. 

Today, the company also has sites in West Lafayette, Indiana, and Ghent, Belgium, and is pushing the boundaries of what is possible with the goal of achieving a more sustainable, nature-positive food system. 

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.

Inari has demonstrated unwavering progress over the years – an achievement that Hanwha Impact identified as being a key driver behind their increased support in this fundraise. And with this fresh capital, Inari will continue in its efforts to unlock the full potential in high-yielding seeds to solve the dual challenges of food security and sustainability. 

“Inari’s cutting-edge technology platform, combined with a winning commercial model, mean that it is ideally placed to deliver significant value and help create a truly sustainable future for agriculture,” said a Hanwha Impact spokesperson.   

Following this round, Stephen Bereson will also soon be appointed to the Inari Board of Directors.

“This successful fundraise reflects continued confidence in the company’s ability to deliver on its nature-positive vision,” said Bereson. “I’m also incredibly enthusiastic about my upcoming appointment to the Inari board, and I look forward to working with the company to drive even greater impact and value.” 

~ 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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