WEST LAFAYETTE, Ind. (Inside INdiana Business) – A Boston-based company with a large presence in West Lafayette has closed a Series D financing round valued at $ 208 million. Inari, which opened its seed foundry in the city of Tippecanoe County in 2018, says it will use the funds to further accelerate the development of its scientific platform and product development for corn and soybeans in the Americas.
Inari says the funding round will enable him “to advance his mission to restore food diversity by unlocking the full potential of seeds for a sustainable transformation of the global food system”.
“We are taking a nature-positive approach to using predictive design and advanced multiplex gene editing to open up new possibilities with seeds,” said Ponsi Trivisvavet, CEO of Inari, in a press release. “Our technology corresponds to the complexity and diversity of nature in order to meet the needs of the planet and society. And we have the ability to improve every seed for every region and make our products – and effects – globally scalable. “
In a 2018 edition of our Life Sciences INdiana e-newsletter, Trivisvavet Kylie Veleta stated that the seed foundry’s goal is to produce parent semen faster and more efficiently. The company said the facility would cut development costs by up to 90%.
The funding round was led by Flagship Pioneering, who founded the company. Existing investors such as Alexandria Venture Investments, Investment Corp. also took part in the round. from Dubai, Banque Pictet and Rivas Capital as well as the new investors G Squared and Pavillion Capital.
“When we founded Inari, we had a simple but bold and compelling vision to fundamentally change the global food system by using cutting-edge science and technology to unlock the full potential of seeds,” said Robert Berendes, Executive Partner at Flagship Pioneering . “At the same time, we believed that we could do this in a way that would restore our planet, greatly expand the opportunities for farmers, and greatly expand the biodiversity of the foods we eat. This fundraiser is proof that this initial vision is imminent and is recognized by investors as a leader in this positive work. “
Inari did not say whether the funding round would create new jobs.