Innova Memphis grew out of the Memphis Bioworks Foundation and works closely with AgLaunch, and its Ag Innovation Fund IV is certified under the USDA Rural Business Investment Program to make early-stage investments rooted in rural America, sourcing deals through a network of farm organizations and Farm Credit institutions tied to more than 300,000 farmers. The fund backs agtech and medtech companies with practical value for producers, drawing on a team with experience in startups, food safety, and bioengineering, often investing early in local companies like Arkis Biosciences before bringing in other investors, while staying connected to Memphis's startup scene through ties to the ZeroTo510 medtech accelerator.