Massachusetts agtech startup Inari Agriculture Inc. said it raised $144 million of new equity at a $2.17 billion valuation, a roughly 32% jump from a prior mark of $1.65 billion set last January.
New investors including a wholly-owned unit of the Abu Dhabi Investment Authority, which was joined by existing investors including Hanwha Impact, NGS Super, the State of Michigan Retirement System and Flagship Pioneering, the company said Tuesday.
“This fundraise validates our exciting progress across product development and entering commercialization, putting us in a robust financial position to further scale up and deliver impactful solutions that benefit our seed customers and the planet alike,” Inari Chief Executive Officer Ponsi Trivisvavet said in an emailed statement.
Founded in 2016 and based in Cambridge, Inari uses technology to develop soybean, corn and wheat in a way that requires less water, land and fertilizer.
Some countries are increasingly embracing the use of seed technologies as a tool to ensure food security amid rising geopolitical tensions.
— By Gillian Tan (Bloomberg)
