Sollum Technologies, a company inspired by nature to offer greenhouse producers smart LED lighting solution that dynamically recreates the full spectrum of the sun’s light, closed a second round of funding of 2.7 million Canadian dollars from Investissement Québec and its initial investors. The first round of funding of 1 million dollars occurred in 2017 with the participation of Real Ventures, Alter Ego Capital, BoxOne Ventures, and a group of private investors including François Arbour and Jean-François Grenon - all of whom renewed their confidence in Sollum.
Sollum also obtained debt financing of 1.2 million Canadian dollars from National Bank, who has been its partner for many years. It collaborates in particular with the Technology and Innovation Banking Group, which offers specialized support to fast-growing technology businesses from start-up through to maturity.
This new cash injection will enable Sollum to accelerate its product development and establish its smart lighting technology in North America long term. With the help of select partners, the company will be in a position to launch the deployment of large scale tests and pursue its collaboration with research centers such as the Institute of Food Technology (ITA) in Saint-Hyacinthe, The Université du Québec in Outaouais and Agriculture and Agri-Food Canada (AAFC) Research and Development Centres of St-Jean-sur-Richelieu, Québec and Harrow in Ontario.
Photo credit: O’Citrus
Sollum is already working with independent greenhouse producers such as La Boîte Maraîchère (Québec/Canada), who cultivate fresh and organic produce, The Chef’s Garden (Ohio/USA), who cultivate produce with optimal nutritional qualities, and Ulysse Biotech (Québec/Canada), who specialize in the creation and development of eco-certified biostimulants. According to the company, the results are conclusive: thanks to Sollum Technologies’ greenhouse lighting solutions, plants have a more balanced morphology and hormonal constitution, which make them more resilient.
Photo credit: O’Citrus
“We’re proud our technology attracted a significant new investor in Investissement Québec and that we can count on the unflinching support of our current financial partners. Our smart lighting solution and Sun as a Service platform will revolutionize the way we produce our food and how we manage our natural resources”, says Louis Brun, President and CEO, Sollum Technologies.
“Investissement Québec is proud to participate in this round of funding and support Sollum Technologies in their growth. This investment will enable the company to continue its development and the optimization of its cloud-based platform. It attests to our concrete backing of Sollum’s continued expansion”, Guy LeBlanc, President and CEO, Investissement Québec, added.
“Sollum is exactly the kind of company we love to work with - built around unique intellectual property, led by solid founders, market-oriented, agile and resilient. Alongside our excellent co-investors, we’re very enthusiastic about the company’s future”, said Isaac Souweine, Partner, Real Ventures.
“It’s a real pleasure for us to help Sollum Technologies in this new phase of its growth. With more than 20 years of experience, our Technology and Innovation Banking Group is proud to support home-grown companies, even during this time of economic uncertainty. Like Sollum, National Bank has made the UN’s Sustainable Development Goals a core part of its strategy. We're happy that we share these values with an innovative Quebec-based company”, adds Éric Labelle, Director – Start-Ups, Technology and Innovation Banking Group, National Bank.