Leading Ag Investors Back Novel Method to Sustainably Improve Crop Performance and Yield
Palmerston North, New Zealand — March 14, 2018 — BioLumic, creators of the first ultraviolet (UV) crop yield enhancement system, today announced the close of $5 million in Series A financing. Led by top AgTech investors Finistere Ventures and Radicle Growth acceleration fund, with Rabobank’s recently launched Food & Agri Innovation Fund and existing investors from New Zealand also joining this round.
“We actively invest in data-driven technology startups who are changing the paradigm for sustainable AgTech from around the globe, and BioLumic was an ideal fit for us,” said Arama Kukutai, co-founder and partner, Finistere Ventures. “Using UV treatments to complement traditional chemicals or biologicals, BioLumic will give farmers a new way to enhance crop yield and vigor by activating stronger plant characteristics with the power of light.”
Addressing the global need for increased agricultural crop yields, BioLumic treats seedlings and seeds with its proprietary ultraviolet light systems. Its patented technology precisely applies UV light treatments that deliver long-term crop benefits—including improved crop consistency, increased yield and disease resistance. Already in commercial use for high-value produce crops around the globe, BioLumic has worked with large-scale produce growers and processors in California and Mexico with yield gains of up to 22 percent, and commercial trials are taking place in Spain and the United Kingdom.
“Light is an extremely powerful biological tool that can safely manipulate plants without the concerns often associated with genetic modification, chemical usage, and other unnatural treatments,” said BioLumic CEO Warren Bebb. “BioLumic is the only company using light as an Ag treatment at the beginning of a plant’s life. Exposure to a short-duration treatment of UV-enriched light at a critical stage in a plant’s development turns on characteristics to help the seed or seedling more effectively defend itself against disease or pest attacks and more efficiently use water and nutrients from the soil for its entire lifespan.”
Founded by Dr. Jason Wargent, a world-renowned photobiologist specializing in UV/plant interactions, and spun out of leading AgTech research from Massey University in New Zealand, BioLumic’s technology is rooted in more than a decade of research into UV photomorphogenesis, a process whereby a precise UV treatment induces plant root and leaf development and activates its secondary metabolism. BioLumic’s growing team of scientists and engineers are now translating Wargent’s scientific discoveries into commercial products that will reshape crop-growing operations around the world.
“BioLumic has all of the elements necessary for long-term success in the AgTech arena –a dynamic management team, novel technology and a substantial, rapidly growing market,” noted Kirk Haney, CEO and managing partner, Radicle Growth. ”Given the multi-million acre opportunity for high-value crops and rapidly growing seed treatment market, we think BioLumic could change the Ag industry’s approach to crop productivity and seed treatments by sustainably turning on stronger plant characteristics with the power of light.”
Initially focused on lettuce, broccoli, strawberry and tomato seedlings, BioLumic will also use the recent funding to accelerate the research and commercialization of its seed-focused technology, expanding into row crop and vegetable seeds in years ahead as well. The investment will also be used to aggressively expand the BioLumic team in both New Zealand and its new U.S. office in California, and to intensify the global deployment of its UV technologies.
“Ag players are seeking to find more sustainable ways to meet the growing global food production demands, and BioLumic is the first to take a UV approach to precision seed/seedling treatments,“ added Richard O’Gorman, director, Rabo Food & Agri Innovation Fund.“We believe BioLumic has the potential to significantly enhance the value of produce for growers by enabling higher yield and greater crop uniformity – in particular in geographies where Rabo has a strong history of serving farmers.”
Kukutai and Haney will join current AgBio veteran Dr. John Bedbrook on the BioLumic Board. Kukutai and Haney will focus on helping the company make connections with key industry players to expand its global reach and further its research and development efforts.
View this video to see how the BioLumic UV crop yield enhancement system works.
BioLumic unlocks the growing power of ultraviolet light. BioLumic’s proprietary UV treatment systems improve performance of key plant traits with short-duration UV treatments for both seedlings and seeds that deliver long-term benefits, including improved crop consistency, increased yield and stronger disease resistance. Backed by top Ag investors, BioLumic is headquartered in New Zealand with a growing office in the United States. To learn more, visit www.biolumic.com.
About Finistere Ventures
Finistere Ventures, is a leading global agricultural technology and life sciences venture capital investor, with offices in Palo Alto, San Diego, Ireland and Israel. Its team has developed and invested in some of the most successful AgTech companies of the last 20 years. Visit Finistere.com.
About Radicle Growth
Radicle Growth is an acceleration fund backed by leading AgTech investors including Finistere Ventures, Bayer Crop Science, DuPont Pioneer and OurCrowd. Radicle Growth carefully selects innovative Ag and food tech startups for investment, ensuring that powerful, disruptive technologies reach their full potential. We provide a fertile environment for visionaries in the Ag space, not just to grow but to flourish. Our proprietary platform is the only one of its kind in the agriculture industry, filling a huge void in the market by identifying the most innovative technologies and accelerating them with a range of value-creation initiatives. To learn more, visit radicle.vc.
About Rabo Food & Agri Innovation Fund
Launched in May 2017, Rabo F&A Innovation Fund invests venture capital in innovative companies all along the food and agriculture value chains, with particular focus on companies and sectors where the bank’s network and knowledge can be leveraged to help build value in the ecosystem. Visit www.rfaif.com
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Connexa Communications for Finistere Ventures