Saudi Arabia-based Agritech Iyris Secures $16 Million in Series A Funding
Riyadh, Saudi Arabia – Iyris, formerly known as “RedSea,” a leading company in sustainable climate agricultural technologies, has announced the closure of its Series A funding round, raising $16 million. This funding round was led by the Ecosystem Integrity Fund (EIF), with participation from existing and new institutional investors, including Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital.
Founders and Mission of Iyris
Founded in 2018 by Ryan Lefers, Derya Baran, and Mark Tester, Iyris aims to tackle global food security challenges while minimizing environmental impact. The company helps growers worldwide increase crop yields, reduce input costs and risks, and extend growing seasons in some of the most challenging farming environments.
Utilization of Series A Funding
The new funding will be utilized to support the international sales pipeline for Iyris’ SecondSky greenhouse covers and nets. It will also aid in the development of innovative heat-blocking products and resilient plant genetics. These advancements reinforce Iyris’ commitment to empowering farmers to sustainably mitigate the impacts of climate change, address food security concerns, and achieve key United Nations Sustainable Development Goals (UN SDGs).
Leadership Statements
John Keppler, Executive Chairperson of Iyris, expressed his enthusiasm: “We are building a great company, making it easier for farmers to grow fresh produce in increasingly difficult climates. Few problems are more challenging than feeding the world sustainably. Iyris is assembling the necessary toolkit to help farmers improve crop yields with fewer resources.”
He added, “In just a very short time, we have brought our products to market and proven their effectiveness. However, we still have much to achieve, and the completion of our Series A funding enables us to expand the sales of our solutions for heat blocking and crop resilience to growers worldwide.”
Investors’ Perspective
Sasha Brown, partner at EIF, commented: “EIF has been studying the impact of increasingly extreme weather on agriculture. Iyris’ suite of products is tailored for growers in harsh and volatile conditions, who have historically been underserved by AgriClimate Tech innovation. These growers, who often operate on thin margins, have few options to manage their farms effectively, reduce the risk of crop loss, increase yields, and reduce water and energy consumption.”
She continued, “We invested in Iyris because we believe there are few companies with such tremendous potential to become a critical partner for a mass market of growers. They are adapting their operations to withstand and mitigate changing climates.”
Innovative Technologies and Global Impact
Iyris’ technologies, initially developed by leading scientists and professors at the King Abdullah University of Science and Technology in Saudi Arabia, are now being deployed on a global scale. The company’s flagship product, SecondSky, is available in multiple greenhouse coverings and shade nets. These products minimize the stress and impact of near-infrared heat radiation on plants while allowing the spectrum of light necessary for photosynthesis. This innovation is revolutionary in the agriculture industry, delivering more resilient, productive, and profitable crops in regions where climate change and excessive heat limit sustainable growth.
Iyris is selling SecondSky polycarbonate, polyethylene, nets, and soon-to-be-launched shade screens to customers growing fresh produce in the UAE, Saudi Arabia, Egypt, Morocco, Spain, Portugal, Mexico, and North America. Additionally, Iyris has developed plant genetics through a novel hybridization process that breeds resilience to salinity, heat, and drought across various crops. This ensures stress-resistant, dependable food production, which has already demonstrated exciting results with some of the world’s largest tomato growers.
Benefits to Farmers and the Environment
Serving a global market with over $6 billion in recurring annual sales for greenhouse covers, Iyris’ solutions provide tangible benefits, including extended growing seasons, increased yields, and resource savings. These solutions support local, regional, and global food supply chains. Farmers in Iyris’ target markets benefit from quick investment payback periods, sometimes within a single crop cycle.
Iyris’ proprietary technologies reduce energy and water consumption by up to 90% in target markets. The award-winning SecondSky transparent heat-blocking greenhouse roof has reduced energy usage by over 40% and water consumption by 30% in customer installations.
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