Intelligent Growth Solutions attracts further US AgriTech investment to Scotland
Edinburgh, Scotland – 26 September 2019 – Intelligent Growth Solutions Ltd (IGS), the Scottish-based indoor AgriTech and Commercial Lighting business, announced today a further raise of £1.6 million in the second and final close of its Series A funding. The £1.5 million received from globally established agri-investor Ospraie Ag Science (OAS), coupled with an additional £100k from Agfunder, brings IGS’s total Series A fundraise to £7 million.
Ospraie Ag Science (New York City) joins existing Series A investors S2G Ventures (Chicago), the most active agri-foodtech investor globally in 2018; online venture capital firm AgFunder (San Francisco); and the Scottish Investment Bank in the investment round.
Ospraie brings 25 years of agriculture investing experience to IGS, and its investment in the company is its first step towards building a global platform in the indoor AgriTech market.
Dwight Anderson, Chief Investment Officer at Ospraie Ag Science commented: “IGS has tremendous potential to transform the way food is produced and supplied, and our investment – Ospraie’s first in the indoor agriculture market and in Scotland – is a testament to our strong belief in the success of IGS’ technology. The benefits of IGS’s Vertical Farming align well with our mission of helping farmers do more with less. We look forward to leveraging our significant agriculture network to help IGS grow its business to meet the market’s demand for sustainable solutions.”
This latest raise allows IGS to further expand its market presence through global sales operations for both AgriTech and Commercial Lighting. Demands for its systems are high with the first deployments expected in early 2020.
IGS Chief Executive Officer David Farquhar said: “The further investment of £1.6 million is a hugely exciting one, not only for our business, but also for the Scottish economy. Ospraie has chosen IGS as its initial investment target in the indoor agriculture market, and also as its first investment in Scotland, which is a substantial endorsement of our technology and approach to date. Working alongside our other investors in this Series A funding we are in a really strong position to take our offering to a global market and meet the demand that is growing almost daily.
“The pressures of climate change are real and clear and our technology and systems have the ability to play a part in addressing how we produce and supply food sustainably and productively all over the world. Our customers in the commercial property world are equally keen to adopt IOT-enabled smart lighting to create better indoor climates for their tenants and visitors alike.”
IGS has designed all its products to be highly pragmatic, flexible, modular and scalable in line with market expectations.
Sanjeev Krishnan, Managing Director of S2G Ventures said: “We are excited to partner again with Dwight and the Ospraie team. IGS will benefit greatly from the Ospraie insights, networks and entrepreneurial vision in building scaled businesses in the outdoor sector. Indoor Ag is set up to grow considerably and we are excited about IGS’ role in that effort.”
Michael Dean, founding partner at AgFunder commented: “We are delighted to see our friends at Ospraie join us as investors in IGS. We look forward to working with the Ospraie team to ensure that the game-changing IGS technology is rolled out to Controlled Environment Agriculture project developers globally.”
Kerry Sharp, Director, Scottish Investment Bank, said: “Intelligent Growth Solutions has made good progress recently. This latest investment is testament to the hard work and vision of the management team and will help the company as it takes its technology to the global marketplace. A company like IGS securing three international investors in Ospraie, S2G and AgFunder goes a long way to highlight the strength of opportunities available for Investors outside Scotland looking to invest in innovative Scottish companies. We look forward to continuing the journey with the company through our investment and our Scottish Enterprise account management service.”
The Scottish-led R&D team at IGS has developed, patented and productised a breakthrough, IoT-enabled power and communications platform consisting of patented electrical, electronic and mechanical technologies as well as the world’s most sophisticated ventilation system. All this is managed by a SaaS and data platform using AI to deliver economic and operational benefits to indoor environments across the globe.
Notes to editors:
For more information: please contact Kate Forster, Intelligent Growth Solutions on [email protected] or call +44 7787 534999.
Pictures and video: For hi-res versions please find here. Video content is also available in the link.
IGS was formed in 2013. Its purpose was to bring indoor horticulture to commercial reality by combining efficient internet-enabled smart lighting with automation and power management. The founders’ experience combined extensive knowledge of horticulture, industrial automation and big data.
IGS launched its first vertical demonstration facility in August 2018 and is now selling a revolutionary controlled-environment growth system. The location of IGS’ facility at the James Hutton Institute, a world leading crop research facility, was deliberately chosen to enhance collaboration opportunities for the benefit of customers. Scientists and researchers at the Institute are working with the team at IGS to better understand how growing indoors can impact different varieties of crop growth, as well as driving increased productivity.
About Ospraie Ag Science:
Ospraie Ag Science LLC (OAS) identifies solutions to help farmers “Do More With Less”. By increasing profitability, improving quality-adjusted yield, and reducing environmental impact, OAS’s companies not only benefit producers, but generate smarter, healthier, and more efficient food for consumers globally. Utilizing its extensive network and 25 years of experience investing in agriculture, OAS is positioned to help farmers achieve a sustainable future.
About S2G Ventures:
S2G Ventures (Seed to Growth) is a multi-stage venture fund investing in food and agriculture. The fund’s mission is to catalyze innovation to meet consumer demands for healthy and sustainable food. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth stage investments. Core areas of interest for S2G are agriculture, ingredients, infrastructure and logistics, IT and hardware, food safety and technology, retail and restaurants, and consumer brands. For more information about S2G, visit www.s2gventures.com or connect with us on Twitter and LinkedIn.
AgFunder is an online Venture Capital Platform investing in the bold and exceptional entrepreneurs transforming our food and agriculture system. Our in-house technology enables us to invest globally and at scale, make better investment decisions, and support our portfolio companies. Through media and research, AgFunder has built a community of over 60,000 members and subscribers, giving us the largest and most powerful network in the industry.
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About the Scottish Investment Bank
The Scottish Investment Bank (SIB) is the investment arm of Scotland’s national economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise (HIE). SIB’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital and loan funding.
SIB manages a suite of co-investment funds including the Scottish Co-investment Fund, the Scottish Venture Fund and the Energy Investment Fund on behalf of the Scottish Government. SIB is also an investor in Epidarex Capital’s Life Sciences Fund and is a participant in the Scottish-European Growth Co-Investment Programme with funding secured from the Scottish Government’s Scottish Growth Scheme alongside the European Investment Fund.
SIB also provides funding into LendingCrowd, Scotland’s marketplace lender providing loans to SMEs, and Maven’s UK Regional Buy Out Fund (MBO) that offers financial support for management buyouts (MBOs) and helps existing management teams acquire their businesses from their owners so they can continue to flourish. SIB’s team of financial readiness specialists help companies to prepare for new investment and access appropriate finance.