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- Sunday Wrap Up: Major Investments in Infinite Roots, Elo Life Systems, and Neatleaf
Sunday Wrap Up: Major Investments in Infinite Roots, Elo Life Systems, and Neatleaf
Discover this week's latest development from the world of Controlled Environment Agriculture.
Marc Lev Shulman
January 28, 2024
Photo by Abigail Lynn on Unsplash
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This Week in Indoor Farming: Infinite Roots' Record Mycelium Funding, Elo Life's Sweet Innovation, and Neatleaf's Data-Driven Agriculture
Infinite Roots, previously Mushlabs, a German biotech company specializing in mycelium technologies, has successfully completed a €53 million Series B funding round, marking the largest investment in mycelium technology in Europe. This round was led by Dr. Hans Riegel Holding (HRH) and received significant contributions from the European Innovation Council (EIC) Fund, REWE Group, and others. The funds will be used to expand production capacities and initiate global launch activities. CEO Dr. Mazen Rizk emphasizes the company's focus on sustainable, mycelium-based food products, reflecting growing consumer demand for sustainable food alternatives. This investment, supported by diverse investors including major groups and existing partners, demonstrates confidence in the market viability of these sustainable alternatives and the potential impact of Infinite Roots in the global food industry.
Elo Life Systems, an innovator in food ingredients, has successfully completed an oversubscribed Series A2 financing round, raising $20.5 million, and bringing their total funding to $45 million. The round was co-led by DCVC Bio and Novo Holdings, with additional participation from Hanwha Next Generation Opportunity Fund, AccelR8, and Alexandria Venture Investments. The company plans to use the funds to scale and commercialize its monk-fruit-derived sweetener, expand its molecular farming pipeline, and enhance crop protection efforts, including a project to save bananas from extinction. Elo Life Systems aims to combine molecular farming with sustainability to produce environmentally friendly and cost-effective ingredients. Their first product, a calorie-free natural sweetener that is 300 times sweeter than sugar, is set to launch in 2026. This innovation, part of a broader effort to make food more delicious, healthy, and planet-friendly, positions Elo Life Systems at the forefront of transforming the food industry.
Neatleaf has raised $4 million in funding led by AgFunder, a prominent foodtech and agtech investor. The company's flagship product, the Neatleaf Spyder, is a groundbreaking autonomous robotic platform that performs comprehensive scans of indoor crops. It generates extensive data, providing critical insights for plant health and growth, capable of detecting issues before they become apparent to the human eye. Established in 2020, Neatleaf operates internationally, emphasizing the significance of data in modern agriculture. Their technology offers retrospective plant health analysis and helps in effective crop steering and planning. Tom Shields, a partner at AgFunder and new board member of Neatleaf, highlights the importance of Neatleaf's advanced data capture and its role in improving agricultural yields. Neatleaf's mission is to enable efficient and sustainable crop management, backed by a diverse team of professionals.
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Articles To Read
Vertical Farming: Growing Up For Sustainability | IBC World News
Asia Pacific Indoor Farming Market Report 2023-2028 | Yahoo Finance
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Thank you for joining us in this edition of The Sunday Wrap Up. Special gratitude to AmplifiedAg for sponsoring and enabling us to delve deeper into the dynamic world of indoor farming and its latest developments
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Enjoy your weekend!
Marc Lev Shulman
Associate Director
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