Saudi Agritech iyris Raises $16 Million in Series A Round
The Series A funding will fuel iyris' expansion efforts, supporting increased sales coverage and the delivery of its international sales pipeline for SecondSky products.
Saudi Arabia-based agritech firm iyris, formerly known as RedSea, has secured a $16 million Series A funding round. The investment was led by the Ecosystem Integrity Fund (EIF) and supported by a consortium of institutional investors, including Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital.[1]
Founded in 2018 by Ryan Lefers, Derya Baran, and Mark Tester, iyris specializes in AgriClimate Tech, offering solutions to help growers worldwide increase crop yields, reduce input costs and risk, and extend growing seasons even in challenging farming environments.
The company's flagship product, SecondSky greenhouse covers, and nets, minimizes the stress and impact of near-infrared heat radiation on plants while optimizing the light spectrum for photosynthesis.
The Series A funding will fuel iyris' expansion efforts, supporting increased sales coverage and the delivery of its international sales pipeline for SecondSky products.
Additionally, the investment will facilitate further development of iyris' heat-blocking technologies and resilient plant genetics, helping farmers to mitigate the impact of climate change, enhance food security, and achieve key UN Sustainable Development Goals (SDGs).
Introduced in 2021, the Saudi Green Initiative (SGI) aims to accelerate the kingdom's climate action agenda. Since its inception, SGI has activated 77 initiatives, with investments exceeding $186 billion.
Launched by Saudi Arabia in 2021, The Middle East Green Initiative (MGI) is a regional coalition that aims to address the challenges posed by climate change in the Middle East and North Africa (MENA) region.