Saudi agritech iyris secures $16m Series A for expansion
TLDR
- Saudi Arabia agritech startup Iyris secures $16 million Series A funding round led by Ecosystem Integrity Fund and joined by Global Ventures, DFDF, Kanoo Ventures, Globivest, and Bonaventure Capital.
- Iyris, founded in 2018 by Ryan Lefers, Derya Baran, and Mark Tester, focuses on global food security challenges and environmental impact through innovative solutions.
- Funding to support international sales pipeline for SecondSky greenhouse covers and nets, aimed at enhancing agricultural productivity in challenging climates and developing heat-blocking products and resilient plant genetics.
Saudi Arabia-based agritech startup iyris has closed a $16 million Series A funding round led by the Ecosystem Integrity Fund (EIF) with participation from both current and new institutional investors such as Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital.
Founded in 2018 by Ryan Lefers, Derya Baran, and Mark Tester, iyris, formerly RedSea, is dedicated to tackling global food security challenges while minimizing environmental impact. It is present in the UAE, Saudi Arabia, Egypt, Morocco, Spain, Portugal, Mexico, and North America.
The new funding will support the delivery of iyris' international sales pipeline for its SecondSky greenhouse covers and nets, designed to optimize agricultural productivity in harsh climates. It will also aid in developing heat-blocking products and resilient plant genetics.
Key Takeaways
iyris, serving a global market with over $6 billion in recurring annual sales for greenhouse covers, provides solutions with tangible benefits. The company's technologies have been shown to reduce energy and water consumption by up to 90% in target markets. Its flagship product, SecondSky, has demonstrated impressive results, with customer installations reporting over 40% reductions in energy usage and 30% reductions in water consumption. These achievements have earned iyris prestigious accolades, including the Davidson Prize. With the new funding, iyris plans to expand its reach, covering more hectares with SecondSky, and extending its presence into new regions such as India and China.
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