BioLumic announced the closing of a $13.5 million Series B funding round that will be used to accelerate commercial growth for its patented agricultural technology that uses ultraviolet light to improve plant productivity.
The company said it will use the funds to market its technology, focusing specifically on cannabis, soybean, corn, canola and strawberry. With cannabis, BioLumic plans to deepen relationships with cultivation leaders and technology partners, while adding to a library of Light Signal Recipes that it says have already triggered large, combined gains in dry flower yield, THC concentration, minor cannabinoids and terpenes. Funding will also be used to advance a new generation of Light Signal Recipes focused on photosynthetic and nutrient use efficiency.
BioLumic’s Light Signal Recipe platform uses proprietary knowledge of how UV light influences plant biology and genetics, data science, and patented treatment technology. Without adding chemicals or genetic engineering, the BioLumic platform helps agricultural, horticultural and cannabis growers to improve overall plant health, quality and yield.
“BioLumic is applying light in an entirely new way to meet the challenge of improving crop growth, plant yield and quality without increasing energy consumption,” says BioLumic CEO Steve Sibulkin. “Light Signal Recipes are clean, scalable and available at a fraction of the time, risk and cost of traditional solutions. Moving forward with this great group of savvy investors speeds our ability to bring these important outcomes to customers.”
The funding round is led by OurCrowd and is joined by Finistere Ventures, Icehouse Ventures, Rabo Ventures, Entourage Effect Capital, Arcview Ventures Seed Fund, Flatiron Venture Partners, RIV Capital, Virtu Capital, Bravos Capital, Privthi, NZ Booster Fund, Norwind Capital, MIG Nominee No 1 Limited, Aspire NZ Seed Fund and others.
