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Image Credit: InnerPlant
InnerPlant, a pioneering seed technology company transforming agricultural practices by enabling crops to signal stress immediately, has announced a significant milestone: a $30 million Series B funding round. This funding surge is spearheaded by an alliance of prominent North American farmers, with Coutts Agro, a leading operator and agricultural investor, at the helm. Adding to this robust financial backing are Systemiq Capital and notable returning investors, Deere & Company and Bison Ventures. This infusion of capital is set to propel InnerPlant's innovative solutions further, fostering more efficient and sustainable farming methods.
"We're very proud that this round is being led by the people who best understand what's needed on the farm and what innovation in agriculture actually looks like," says Shely Aronov, CEO and co-founder of InnerPlant. "We've always put farmers at the center of everything we do and this investment validates that farmer-centric culture and our technology."
InnerPlant utilizes genetic engineering to create plants capable of emitting distinct optical signals under stress conditions such as nutrient deficiencies, fungal pressure, or pest attacks. These signals, detectable from as far away as space, can reveal stress up to three weeks earlier than current technologies, providing farmers with the earliest possible warning to optimize their response and protect their crops.
The company's first commercial product, InnerSoy, a soybean variant that signals fungal pressure, is being piloted in Southern Illinois fields in collaboration with GROWMARK. This program has established InnerSoy plots throughout the Midwest this spring, with plans for further expansion over the next three years. These plots offer county-level early warnings of fungal infestations and will provide increasingly detailed data as the technology becomes integrated into every seed in the coming years.
"Our Family and our Partners have been farming for several generations, and this is the first time in decades that we've seen a technology that has the opportunity to increase agricultural GDP and not merely redistribute the value," explains Matt Coutts, Chief Investment Officer of Coutts Agro and InnerPlant board member. "The ability of farmers to receive data about stress that's tied directly to plant physiology fundamentally changes how farmers can manage crops, resulting in more durable profitability."
The announcement of new funding closely follows InnerPlant's collaboration with John Deere and Syngenta to create an unprecedented integrated precision platform designed to combat soybean fungus. This innovative platform will connect plants that emit early and specific signals of fungal attack with optimized crop protection treatments, utilizing See & Spray technology for precise application.
About InnerPlant:
InnerPlant is a groundbreaking seed technology company that enables the earliest detection of pathogens and other stresses in crucial crops, enhancing farming efficiency and sustainability worldwide. Founded in 2018 by Shely Aronov and Rod Kumimoto, InnerPlant has earned accolades such as being named one of the World's Most Innovative Companies in agriculture by Fast Company and receiving a Special Mention in TIME's Best Inventions.
About Coutts Agro:
Coutts Agro is a privately owned investor and operator within the agricultural value chain. It is spearheaded by its extensive farm in Saskatchewan, where it cultivates large amounts of lentils, canola, and wheat.
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