InnerPlant secures $30M series B funding from north american farmers to revolutionize crop ctress detection

By Agroempresario.com

InnerPlant, a leader in genetically engineered crop stress detection, has secured $30 million in Series B funding to advance its innovative technology. The funding round was notably led by a coalition of large North American growers, spearheaded by Canadian grain operator Coutts Agro. Joining the investment effort are climate-focused Systemiq Capital, and returning investors Deere & Company and Bison Ventures.

The investment will primarily drive the deployment of InnerPlant’s new CropVoice platform for soybeans and enhance collaboration with seed partners. This significant funding infusion reflects a rare and powerful farmer-led investment approach in the agtech sector.

Matt Coutts, CIO of Coutts Agro and a board member of InnerPlant, emphasizes the unique nature of this investment. "We believe InnerPlant offers a compelling investment opportunity. Our team, consisting of like-minded farmers, saw value in leading this round to accelerate InnerPlant’s progress," Coutts explains.

InnerPlant’s technology allows crops to emit visible signals in response to stressors such as pests or nutrient deficiencies. These signals, visible even from space, can alert growers weeks before traditional methods. The company's flagship product, InnerSoy, is a soybean variety that signals fungal pressure. Current pilot tests are conducted in Southern Illinois in partnership with GROWMARK, an agricultural cooperative.

Co-founder and CEO Shely Aronov highlights the alignment between InnerPlant’s goals and the farmers’ interests. "We’ve always seen farmers as our ideal investors because they directly benefit from our technology’s success," Aronov states. The alliance with Coutts Agro and other farmers was a strategic move, reflecting their deep understanding of agricultural needs and capital markets.

The Series B funding will enable InnerPlant to expand the CropVoice platform, which integrates data from InnerSoy plants to provide actionable insights and spray recommendations for fungal infections. “CropVoice will function like a cellular network, offering early warnings and alerts to farmers over a designated area, ensuring timely action to safeguard yields,” Aronov adds.

Scheduled for launch in Illinois and Iowa in 2025, CropVoice will scale through 2026 and 2027. The funding will also bolster R&D efforts to address additional stressors and accelerate integration of InnerPlant’s traits into elite germplasm for broader seed sales.

Coutts praises InnerPlant’s approach, noting, “This is the most innovative technology I've seen in decades. It moves beyond incremental improvements to deliver truly transformative value to agriculture.”

The farmer-led investment underscores a shift towards production capital in agtech, marking a transition from purely financial backing to a focus on tangible agricultural advancements. “This validates that agtech is now firmly in the production capital stage of its technology cycle,” Coutts concludes.

InnerPlant’s latest funding and farmer-led backing are set to propel the company’s mission of revolutionizing crop stress detection and enhancing agricultural productivity.