iyris, an AgriClimate Tech company previously known as RedSea, has raised $16 million in a Series A funding round.
Co-founded in 2018 by CEO Ryan Lefers, Mark Tester, and Derya Baran, experts in agricultural engineering and plant science, iyris will leverage this funding in the global sales acceleration of its innovative agricultural technologies, designed to facilitate the growth of fresh produce in challenging climates.
Led by the Ecosystem Integrity Fund (EIF), a San Francisco-based climate and sustainability fund, the funding round also saw participation from Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital.
The investment will enhance iyris’ sales coverage and support the international rollout of its SecondSky greenhouse covers and nets, alongside the development of heat-blocking products and resilient plant genetics.
John Keppler, Executive Chairperson of iyris, commented on the company’s focus on addressing food security and climate change. “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,” Keppler said.
Sasha Brown, partner at EIF, noted the need for iyris’ technology. “iyris’ suite of products is tailored for growers in harsh and volatile conditions who have been historically underserved 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,” Brown commented.
Originating from innovations developed at the King Abdullah University of Science and Technology (KAUST) in Saudi Arabia, iyris’ technologies include the SecondSky greenhouse coverings and nets.
These products minimize the stress and impact of near-infrared heat radiation on plants while allowing light necessary for photosynthesis. This advancement is particularly beneficial in regions affected by climate change and extreme heat.
The company’s plant genetics development also promises to enhance crop resilience to salinity, heat, and drought, ensuring dependable food production. Large-scale trials with major tomato growers have already shown promising results.
Serving a global market with over $6 billion in recurring annual sales for greenhouse covers, iyris’ solutions offer tangible benefits, including extended growing seasons, increased yields, and essential resource savings. The company’s technologies reduce energy and water consumption by up to 90% in target markets.
iyris’ flagship product, SecondSky, has shown great results, with customer installations showing over 40% reductions in energy usage and 30% reductions in water consumption. This has garnered the company prestigious accolades, including the Davidson Prize.
The company plans to expand its reach further, with markets in the UAE, Saudi Arabia, Egypt, Morocco, Spain, Portugal, Mexico, and North America already benefiting from its technologies. With the new funding, iyris aims to cover more hectares with SecondSky and extend its presence into new regions such as India and China.
In leveraging local distributors and embedding their additives into widely used materials like polyethylene and polycarbonate, iyris ensures that farmers can adopt their technology without significant changes to their operations.
John Keppler highlighted the importance of this approach, noting that “providing a drop-in solution to the existing farming infrastructure using the existing supply chain is often more effective. This way, farmers don’t have to change their behaviours. They can continue doing what they do best—growing their produce in their particular regions. Our goal is to make it a bit easier for them, extend their growing seasons, and increase their profitability along the way.”
iyris’ innovative plant genetics are set to further enhance agricultural resilience. Through a novel hybridization process, the company is developing crops that can withstand high salinity, extreme heat, and drought. This ensures consistent and reliable food production, even in the most challenging environments.
With a strong international sales pipeline and proven technologies, iyris is on the right track to support farmers worldwide in their efforts to adapt to changing climates and ensure food security.
In the first quarter of 2024 alone, iyris reported more customer acquisitions and product sales than in the entire previous year. Moving forward, the company aims to grow other metrics, such as the total hectares covered by SecondSky and the regions served.
