Iyris, an innovative AgriClimate Tech company formerly known as RedSea, has successfully raised $16 million in a Series A funding round. This significant financial achievement will support the company’s mission to assist growers worldwide in increasing crop yields, reducing input costs and risks, and extending growing seasons in challenging environments. The infusion of capital is a crucial step in making fresh produce easier to grow in difficult climates, enhancing food security on a global scale.
The Series A funding round was led by the Ecosystem Integrity Fund (EIF), a San Francisco-based climate and sustainability fund, with additional support from institutional investors such as Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital. The raised funds will be utilized to expand iyris’ international sales pipeline for its innovative SecondSky greenhouse covers and nets, as well as to further develop its heat-blocking products and resilient plant genetics.
John Keppler, Executive Chairperson of iyris, emphasized the company’s commitment to addressing the challenges of sustainable agriculture. “We are building a great company, making it easier for farmers to grow fresh produce in increasingly difficult climates. There are few problems more challenging than feeding the world sustainably. iyris is assembling the necessary toolkit to help farmers improve crop yields with fewer resources. In just a very short time, we have brought our products to market and proven that they work. But we have a lot left to do and completion of our Series A fundraise enables us to take the next steps in expanding sales of our drop-in solutions for heat blocking and crop resilience to our grower customers around the world,” he stated.
Sasha Brown, partner at EIF, highlighted the importance of Iyris’ solutions in the face of climate change impacts on agriculture. “EIF has been studying the impact of increasingly extreme weather on agriculture. iyris’ suite of products are tailored for growers in harsh and volatile conditions, who have been underserved historically by AgriClimate Tech innovation. These growers, who often operate on thin margins, have few options to better manage their farms to reduce the risk of crop loss, increase yields, and reduce water and energy consumption. We have invested in iyris because we believe there are few companies that have such tremendous potential to become a critical partner for a mass market of growers, as they seek to adapt their operations to withstand and mitigate changing climate,” Brown commented.
The technologies employed by Iyris were originally developed by leading scientists and professors at the King Abdullah University of Science and Technology in Saudi Arabia. A key innovation, Iyris’ SecondSky, includes multiple greenhouse coverings and shade nets designed to minimize the stress and impact of near-infrared heat radiation on plants while allowing the spectrum of light needed for photosynthesis. This technology enhances crop resilience, productivity, and profitability in regions where climate change and excessive heat pose significant challenges to sustainable growth. Iyris is already marketing SecondSky polycarbonate, polyethylene, nets, and soon-to-be-launched shade screens to customers in the UAE, Saudi Arabia, Egypt, Morocco, Spain, Portugal, Mexico, and North America.
In addition to greenhouse coverings, Iyris has developed resilient plant genetics through a novel hybridization process. This process breeds resilience to salinity, heat, and drought across various crops. The technology has shown promising results, particularly with some of the world’s largest tomato growers, in large-scale open-field trials.
The successful Series A funding round and the development of cutting-edge technologies position Iyris as a pivotal player in the Agri-Climate Tech sector. By providing innovative solutions to help farmers grow crops in difficult climates, reduce resource use, and enhance food security, Iyris is paving the way for a more sustainable and resilient agricultural future.
Check out our podcast episode with Mark Tester on any podcasting platform!
Commentaires