Rift Labs signs a $4.5 million Norselab partnership to grow Photosynthetic's LED solutions 'to new heights' with the support of impact investor Norselab, a Norwegian VC fund backed by US-based Capricorn Investment Group, a large investment company.
"The recent funding will be primarily allocated to our research and development capabilities, enabling us to continually innovate and refine our dynamic LED solutions for indoor agriculture. Additionally, we'll be scaling up our production capabilities to meet the increasing demand from our global customers. The funds will also support marketing initiatives to raise awareness about the benefits of our Photosynthetic brand in the indoor agriculture sector," says Halvard Aagaard, Founder and CEO of Rift Labs and Photosynthetic.
Eye on sustainability
Responding to the growing demand for their technology, the company has received interest from Scandinavia and internationally. The team is seeing a clear trend towards CEA as a more sustainable and reliable method of food production, driven by factors such as climate considerations, resource efficiency, and a focus on local food production.
Adding onto that, Halvard comments, "The investment in Photosynthetic aligns with this trend, providing tailored LED solutions that empower growers to optimize plant growth in controlled environments, thereby contributing to the growth of CEA practices in the region."
The power behind on-site R&D
Photosynthetic serves as a 'game-changer' for growers looking to allocate resources more efficiently on R&D. "By integrating Riftlab's dynamic LED solutions, growers gain unparalleled control over the light conditions for their crops, facilitating precise production, experimentation, and data collection within their own facilities."
This enables growers with the tools to conduct in-house research, adapt to evolving cultivation techniques, and enhance overall efficiency. It aligns with Riftlab's goal to empower growers, fostering a culture of innovation and self-sufficiency.
Photosynthetic's unique value proposition lies in our patented technology for dynamic LED control, which allows growers to tailor light conditions to specific crops, resulting in optimal growth outcomes. The technology not only improves yields but does so with energy efficiency, making it a sustainable choice for the indoor agriculture industry.
"We need a radical shift in how we produce food, and we are convinced that Rift Labs can take a leading position in controlled-environment agriculture in the years ahead," states Yngve Tvedt, CIO of Norselab.
The investment totals around $4.5 million, with $1.5 million in cash and another $3.0 million through the acquisition of secondary shares. The round had additional participation from existing shareholder Karbon Invest through the conversion of a shareholder loan.