Source: GlobeNewswire (MIL-NZ-AU)
NEW YORK, June 21, 2022 (GLOBE NEWSWIRE) — BioLumic Inc. (“BioLumic”) today announced the closing of a $13.5-million Series B funding round that will be used to accelerate commercial growth for its cutting-edge, patented agricultural technology that harnesses the power of ultraviolet light to improve plant productivity.
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.
“OurCrowd is proud to be leading this important investment round for BioLumic,” says OurCrowd CEO Jon Medved. “Now, just when a hungry world is perched on the edge of a food crisis, BioLumic is bringing the photonics revolution to agriculture with its stunning signaling platform which literally programs plants with light. This is a company whose time has come.”
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 empowers 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.”
BioLumic will use the funds from this latest financing round 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 growing library of Light Signal Recipes that 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.
About BioLumic — BioLumic is an agricultural technology company founded in 2013. The company’s Light Signal Platform and proprietary UV treatment systems improve the performance of key plant traits using short-duration UV treatments for both seedlings and seeds. These treatments provide the plants with several important and long-term benefits, including improved crop consistency, increased yield and stronger disease resistance. BioLumic has offices in the United States and New Zealand. To learn more, visit www.biolumic.com.
Contact – Steve Sibulkin, CEO, +1 917 502 4400
– Published by The MIL Network
