Inari Secures USD 45 Million from K2 HealthVentures in Debt Financing
The Cambridge based company uses genetic technologies and data science to develop next-generation seeds that reduce the natural resources required to grow food. Flagship Pioneering founded the company in 2016
Fremont, CA: Biotechnology firm Inari entered into a USD 45 million loan and security agreement with K2 HealthVentures (K2HV), a life sciences-focused investment firm. The debt financing round complements the company's recent USD 89 million equity funding round. The proceeds will be used by the company 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."
The Cambridge-based company uses genetic technologies and data science to develop next-generation seeds that reduce the natural resources required to grow food. Flagship Pioneering founded the company in 2016. Since then, Inari has gone on to achieve several key product milestones. The company's gene-editing technologies have been proven in tomato field trials, and its first generation of proprietary improved corn and soybeans are currently being tested in greenhouses. In addition, Inari is gearing up for the introduction of 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." K2 HealthVentures is an alternative investment firm focused on providing flexible, long-term financing solutions to innovative private and public companies in the life sciences and healthcare industries.
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