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Cannabis software company raises $7.9 million

Elevated Signals has secured CAD$7.9 million in Series A funding. The investment was led by Yaletown Partners, with participation from Third Kind Venture Capital, WGD Capital, Colin Harris, Raiven Capital, and Pareto Holdings.

"This capital will fuel our expansion as we diversify the industries we serve with a focus on high-growth and tech-forward manufacturing businesses, especially those driving progress in food, energy, health, and beyond," said Amar Singh, CEO and co-founder of Elevated Signals. "Traditional ERP systems are often too rigid for modern and complex manufacturing operations, which can force reliance on paper and spreadsheets, limiting access to operational data and ultimately hurting profitability."

Elevated Signals serves a growing list of sectors ranging from controlled environment agriculture to natural health product manufacturing, critical minerals recovery, mining, and more. Its technology was pioneered in one of the most regulated industries in the world, setting it apart in the market with its real-time precision and flexibility to support new process innovation.

"We learned quickly that ease of deployment and the ability to support diverse processes was a top priority for our customers. Being able to quickly unlock access to manufacturing data, costs, and records, makes it possible to optimize operations, better manage product quality, and gain a clear financial picture," said Hardeep Shoker, COO and co-founder of Elevated Signals. "We are inspired by our pioneering customers and believe that they deserve better tools that don't pre-date their industries."

Elevated Signals' cloud-based platform automates and simplifies the capture of real-time manufacturing data, providing a unified source of truth that is accessible company-wide. This data also lays the foundation for companies to leverage artificial intelligence (AI) for continued process optimization.

The company achieved substantial growth in 2023, increasing its team size by 30%. In addition to scaling its platform, the company intends to leverage this investment to strategically expand its leadership roster and drive product innovation by incorporating advanced agile manufacturing features and AI into its platform for predictive analytics and insights.

"Elevated Signals is solving a real problem for its customers and is aligned with larger trends in the market. We look forward to working closely with the company to continue to accelerate its growth," says Hans Knapp, General Partner and co-founder at Yaletown Partners.

Deloitte's 2024 Manufacturing Outlook Report forecasts substantial investment in the manufacturing sector in 2024. It emphasizes the need for operational agility and efficiency to overcome economic challenges, a tight labor market, rising costs, and supply chain issues. 76% of manufacturers surveyed reported that they are adopting digital tools to gain enhanced transparency.

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Elevated Signals

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