Saudi agritech company Iyris, formerly Red Sea Farms, has raised $16 million in a new investment round.

The new funding was led by Ecosystem Integrity, a climate and sustainability fund based in San Francisco, with participation from current and new institutional investors, including Global Ventures, Dubai Future District Fund, Kanoo Ventures, Globivest and Bonaventure Capital.

The company aims to improve commercial farming for low to mid tech farmers in hot climates globally. 

It offers technologies that can extend growing seasons for crops, as well as reduce water and energy consumption by up to 90%, helping growers increase yields at lower input costs and risks.

“Proceeds will support increased sales coverage and delivery of Iyris’ strong international sales pipeline for SecondSky greenhouse covers and nets,” a statement said.

“It will also fund continued development of its innovative heat blocking products and resilient plant genetics.”

(Writing by Cleofe Maceda; editing by Seban Scaria)