A Boston-based agbioscience company has closed on a $124 million Series E round of funding. Inari, which has a major research and development space at the Purdue Research Park in West Lafayette, says it will use the funding for further development of its gene-edited seed technology.
Inari opened its Seed Foundry in West Lafayette in 2018 and has continued its investment in the Tippecanoe County operation, including a $22 million expansion of its existing greenhouse space in June 2021.
The company has developed the SEEDesign platform, which was created to improve increases in crop yield while improving the efficiency of crops’ use of resources such as water and fertilizer.
Chief Executive Officer Ponsi Trivisvavet says the new funding round “reaffirms the relevance and importance” of the company’s mission.
“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,” Trivisvavet said in written remarks.
The new funding includes investments from Canada Pension Plan Investment Board, Inari founder Flagship Pioneering, Hanwha Impact Partners, NGS Super, Banque Pictet and Sage Hill Investors.
“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 Flagship Pioneering Executive Partner Robert Berendes. “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.”
The latest round comes about a year and a half after the company closed on a $208 million Series D round. Since its inception, Inari has raised $475 million in total funding.