Inari, the biotechnology company developing next-generation seeds, announced that it has entered into a $45 million loan and security agreement with K2 HealthVentures (K2HV), a life sciences-focused investment firm.
The funds complement Inari’s recent $89 million equity raise and will be used to accelerate the development and commercialization of breakthrough gene-edited crops that address the challenges of climate change and improve productivity.
“Our alliance with K2HV enhances our financial position. It supports further expansion of our research and technology platform, as well as the development and commercialization of products that align sustainability with cutting-edge biotechnology,” said Ponsi Trivisvavet, chief executive officer of Inari. “The K2HV team has a strong understanding of our innovative approach to plant breeding and confidence in our vision of agriculture.”
Inari has achieved several key product milestones. Gene-editing technologies have been proven in tomato field trials, and Inari’s first generation of proprietary improved corn and soybeans are currently being tested in greenhouses. The company is gearing up to introduce its gene-edited hybrid corn and soybean varieties commercially in the near future.
“We’re excited to support Inari’s vision to create value through innovative scientific discovery and products focused on sustainability,” said Parag Shah, founding managing director and CEO of K2 HealthVentures. “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.”
