US-based plant-breeding technology developer Inari has closed a $40m series B round that included Acre Venture Partners, the venture capital fund formed by packaged food producer Campbell Soup Company.
Alexandria Venture Investments, a subsidiary of life sciences real estate investment trust Alexandria Real Estate Equities, also took part, as did Flagship Pioneering, the life sciences company builder that incubated Inari before it was spun off earlier this year.
Inari is developing a more efficient method of plant breeding and growing that combines biology with data sciences, computing and software engineering. It had received $15m from Flagship Pioneering prior to the series B round.
The latest funds will support the implantation of Inari’s technology in crops, in addition to being used to enhance its technology and increase the size of its team.
Ponsi Trivisvavet, CEO of Inari, said: “As the challenges to global food supplies continue to grow, we need more creative ways to help farmers increase their profitability and grow higher quality crops, while remaining environmentally respectful and providing nutritional food for consumers.
“With this additional financing, we are well positioned to even further accelerate our ambitions to become a global player in food and agriculture.”