BioLumic received a US$?1.5 million funding to develop its light crop yield enhancement system, with a focus on developing cannabis-specific UV treatments.
BioLumic and Canopy Rivers Inc. announced the strategic investment from Canopy Rivers. This marks Canopy Rivers’ first investment in agri-technologies, specifically focused on the fields of plant physiology and UV photobiology.
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We are pleased to announce the close of our oversubscribed Series A (US$6.7m). Welcome to new investor @CanopyRiversInc, who join our lead @FinistereAg, as well as Rabo Ventures, @RadicleGrowth, and the NZ investors that have supported us since day one. https://t.co/FUPpq2q1kw
— BioLumic (@BioLumic) 15 May 2019
Building out its data science and machine learning teams, BioLumic aims to accelerate the research and commercialisation 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 also 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.
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“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.
“Canopy Rivers’ extensive network in the cannabis industry and its ecosystem of companies will open a new, strategic market for BioLumic. Given our results with other flowering crops, the cannabis plant is a natural fit for our technology.”
BioLumic’s UV light treatments aim to 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 legalisation of cannabis usage and farming around the globe, BioLumic aims 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.