The Series B Investment underscores farmer demand for innovative technology that gives the earliest possible warning of crop stress
DAVIS, Calif. (July 25, 2024) — InnerPlant, the seed technology company enabling crops to signal as soon as they experience stress to make farming more efficient and sustainable, today announces a $30M Series B funding round led by an alliance of large North American farmers headed by Coutts Agro, an operator and agricultural investor. Joining the round is Systemiq Capital, as well as previous investors Deere & Company and Bison Ventures.
“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 genetically engineers plants to emit separate and distinct optical signals when the plants are under stress, such as when they lack nutrients or are under fungal pressure or attack from pests. The signals are detectable from as far away as space and show stress as much as three weeks before existing technologies giving farmers the earliest warning possible to optimize action and protect their crops.
InnerPlant’s first commercial product, InnerSoy – a soybean that signals fungal pressure – is currently piloting in Southern Illinois fields in partnership with GROWMARK. The program established plots of InnerSoy throughout the Midwest this spring with an expanded number of plots expected over the next three years. The plots provide county-level early warning of fungal infestation and will improve in resolution as the tech becomes available in every seed in subsequent 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 redistributing 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 funding news comes on the heels of InnerPlant’s announcement alongside John Deere and Syngenta to develop a first-of-its-kind integrated precision platform to fight fungus in soybeans. The platform will link together plants that give off early and specific signals when under attack by fungus with optimized crop protection treatments delivered with See & Spray technology.
About InnerPlant
InnerPlant is a seed technology company that enables the earliest detection of pathogens and other stresses in key crops to make farming universally more efficient and sustainable. The company was founded in 2018 by Shely Aronov and Rod Kumimoto. InnerPlant was recently named one of the World’s Most Innovative Companies in agriculture by Fast Company and was recognized with a Special Mention TIME Best Inventions. For more information visit: innerplant.com.
About Coutts Agro
Coutts Agro is a privately owned investor and operator in the agricultural value chain, led by its farm in Saskatchewan where it grows lentils, canola and wheat at scale. For more information visit: https://www.linkedin.com/company/couttsagro
Media Contact
Sean Yokomizo
Communications/Media Relations
sean.yokomizo@innerplant.com
925.878.1200
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