Monday, March 4, 2024
HomeFunding Lyon-based RED Horticulture Secures €17 Million Series A Round Funding

[Funding alert] Lyon-based RED Horticulture Secures €17 Million Series A Round Funding

RED Horticulture, based in Lyon, secures a €17 million Series A round of funding. Leading the round were Unigrains, Demeter IM, and the European Circular Bioeconomy Fund (ECBF). A portion of the funding comes from BPI's support programmes and a banking pool consisting of BNP Paribas, CIC, Crédit Agricole, and Société Générale.

RED Horticulture, based in Lyon, secures a €17 million Series A round of funding. Leading the round were Unigrains, Demeter IM, and the European Circular Bioeconomy Fund (ECBF). A portion of the funding comes from BPI’s support programmes and a banking pool consisting of BNP Paribas, CIC, Crédit Agricole, and Société Générale.

Read also –  Denmark-based Biotechnology Company NMD Pharma Secures €75M in Series B Round Funding

The funds raised will be utilised to support internal research at RED’s agronomy centre in Nantes, France, PARC, Photobiology & Agronomic Research Centre, as well as to develop high-performance lighting methods in collaboration with customers and creative partners. The funds will also be utilised to broaden the RED solution’s appeal across all expanding market groups.

Louis Golaz, CEO of RED Horticulture, said: “Since its establishment, RED Horticulture has experienced impressive growth in an intensely competitive market. We have consistently believed in the unique advantages of our dynamic lighting solution, characterized by its user-friendliness, unparalleled flexibility, and unmatched scalability. This has continuously set us apart in the industry. Our latest funding round with ECBF, Demeter and Unigrains testifies to the continuing success of our hard work and unshakeable faith in our product. Made up of top-level investors, this transaction firmly solidifies RED Horticulture’s position as the frontrunner in the field of dynamic horticultural lighting.”

Read also – Tallinn-based Deeptech become Cleantech Startup Efenco Secures €4.5 Million in Funding

RED Horticulture uses unique lighting solutions to support more sustainable agriculture. The solution offered by RED Horticulture is based on dynamic spectrum LED lights, which precisely activate the photoreceptors of plants in greenhouses. These lights are controlled by the AI-powered proprietary platform MyRED and are applicable to numerous high-tech greenhouse activities.

Stéphane Roussel, Partner at ECBF, commented: “Controlled environment agriculture (which includes greenhouses), is poised to grow fast because of the many advantages it offers: producing healthy and nutritious crops close to where they are consumed, while using less soil and water, and with reduced usage of chemicals. We were impressed by the boldness and vision of RED’s founding team to offer a solution that optimizes light as any other input in the greenhouse. Leveraging its strong agronomic expertise, RED offers the possibility to growers to both automate their operations further and optimize for what matters to them (be it yield, energy, product quality).”

About RED Horticulture

The Dutch and French-based company developed the most sophisticated dynamic lighting solution for high-tech greenhouse operations worldwide. RED was founded in 2018 by Yassine El Qomri and Louis Golaz, two engineers. Its turnkey solution comprises of premium dynamic luminaires that are managed by RED’s in-house, AI-powered platform, MyRED.

Read also – Amsterdam-based Grocery App Crisp Secures €35 Million in Funding

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular