BioLumic and Canopy Rivers have announced a strategic investment from Canopy Rivers. BioLumic extended the Finistere Ventures-led Series A financing round to include Canopy Rivers' strategic investment of US$1.5 million, closing the oversubscribed round at US$6.7 million. The financing was comprised of a tier-one investor roster that also included Rabo Food & Agri Innovation Fund and Radicle Growth acceleration fund.
"This marks our first investment in agri-technologies, specifically focused on the promising fields of plant physiology and UV photobiology. With extensive global trials in traditional and high-value produce crops already underway, BioLumic will use the added investment to grow its team to support the acceleration and expansion of its UV light treatment initiatives, including applications in the medical cannabis market," the team with Canopy Rivers explains.
"Canopy Rivers' mission is to build and support a thriving global cannabis economy, and we are dedicated to identifying and investing in strategic technology players throughout the legal cannabis value chain," stated Mary Dimou, Director, Business Development, Canopy Rivers.
According to the company, BioLumic's UV light treatments deliver long-term crop benefits such as improved crop consistency, increased yield, drought tolerance, and disease and pest resistance. "With the global legal cannabis market expected to top $146 billion by the end of 2025 and increasing legalization of cannabis usage and farming around the globe, we aim to help commercial producers cultivate stronger, healthier plants to meet the rising demand for cannabis and cannabis-derived products in the regulated medical cannabis market," the team with BioLumic points out.
"Growers need more sustainable ways to meet global crop demands, and precision UV light treatments can safely activate important characteristics in seeds and seedlings that make them more productive as they mature," said BioLumic CEO Warren Bebb.
Building out its data science and machine learning teams, BioLumic will use the funding to accelerate the research and commercialization of its UV light crop yield enhancement system – with a focus on developing cannabis-specific UV treatments to improve yield and increase the concentration of cannabinoids, such as cannabidiol (CBD). It will continue to focus on traditionally grown produce such as lettuce, broccoli, strawberries and tomatoes, and increase its focus on seed treatments for row crops. The company plans to explore indoor farming and protected-environment, high-value crops in the future.