MONTRÉAL, QUÉBEC, CANADA - With $30 million under its belt following a recent financing round, Sollum Technologies has its sights set on increased operational growth in the year ahead.

"In a short period of time, Sollum has demonstrated that the unparalleled precision of light generated by its smart LED grow light solution optimizes crop productivity and quality while maximizing energy efficiency,” said Louis Brun, President and Chief Executive Officer of Sollum. “Our technological approach allows us to be competitive and deploy our solution in large-scale greenhouses. This capital contribution will allow us to accelerate our penetration of a growing market by enhancing the competitiveness of our solution, and its flexibility through the addition of a multitude of spectral recipes.”

Of the $30 million in funding, $25 million came from Idealist Capital, a private equity manager that supports entrepreneurs at the center of energy transition and decarbonization, a release stated. The other $5 million came from Fondaction, a partner of Québec SMEs.

Sollum offers greenhouse growers a 100 percent programmable technology that can replicate the sun’s natural light cycle for cultivating any produce, regardless of native climate or greenhouse location. The technology has been the source of significant breakthroughs, such as the large-scale production of peppers and strawberries, and continues to be researched to expand the availability of fresh, local produce year-round in collaboration with growers.

To learn more about this financing round, click here.

Backed by this funding, what growth and innovations will we see from Sollum in 2023? Keep reading AndNowUKnow to find out.

Sollum Technologies