Seed technology startup Inari, Cambridge, Mass., has reached $1.5 billion valuation after raising $124 million in fresh financing, according to a Bloomberg report.
Inari makes gene-edited seeds that are designed to withstand the consequences of a changing climate, CEO Ponsi Trivisvavet said in an interview. “Land, water, and nitrogen fertilizer are pretty heavy resources, and if we want to address the challenge of sustainability, we have to work on these three things,” saying that Inari’s seeds require less water, land, and fertilizer.
The company will use the money to advance its seed designs and accelerate new products in corn, soybean, and wheat seeds, as well as help expand greenhouses and prepare for commercialization.
Major investors in Inari’s funding round include new investor Canada Pension Plan Investment Board and Sage Hill Investors, as well as company founder Flagship Pioneering and existing investors Hanwah Impact Partners, NGS Super, and Banque Pictet.
Inari has also entered into a refinanced and upsized loan agreement with healthcare-focused specialty finance company K2 HealthVentures. This will allow Inari to access up to $60 million in debt capital, the company said.