Inari, a Cambridge-based biotech startup that develops genetically modified seeds for farmers, announced Wednesday it entered into a $45 million loan security agreement with life sciences investment firm K2 HealthVentures.
The four-year-old company founded the world’s first Seed Foundry in 2018, where it manipulates the natural genetic diversity of seeds, customizing them for climates in specific regions. The goal is to create plants that grow faster, promote better health and are more resilient to climate change.
Inari claims to have had some success so far. Its gene editing technology was successfully used on tomatoes and its first generation of soybean and corn seeds are currently being tested in greenhouses. Plus, the company says it will be commercializing its “gene-edited hybrid corn and soybean varieties” soon.
This latest round complements the $89 million Series C financing the company closed on last August and will be used to accelerate the development and commercialization of its product.
“We’re excited to support Inari’s vision to create value through innovation, scientific discovery and products focused on sustainability,” Parag Shah, founding managing director and CEO of K2 HealthVentures, said in a statement. “This financing follows our strategy of partnering with pioneering life science technology companies with world class management that aim to deliver solutions for critical global challenges.”
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