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News - INNO-3B announces a first round of seed funding of nearly $ 6 million
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INNO-3B announces a first round of seed funding of nearly $ 6 million
Saint-Pacôme, December 14, 2018 – INNO-3B a manufacturing company, which has developed a technological solution to reduce greenhouse gas emissions through vertical farming, announced the closing of its first round of financing of nearly $ 6 million . The investment round was led by the Ecofuel Fund, with the participation of Desjardins Capital, the Fonds de Solidarité FTQ, Premier Tech , the Fonds de Solidarité FTQ Bas Saint-Laurent , Investissement Québec and the Ministère de l’Économie et de l’Innovation. This investment will enable INNO-3B to implement a demonstration of its technology in the context of real time operations. The latter will accelerate the marketing of its products and ensure constant support for its customers. "We are enthusiastic to start this new phase of development while we have strategic investors dedicated to our success and which allow us to accelerate our growth. The Ecofuel Fund, Desjardins Capital and the Fonds de solidarité FTQ, in particular are actively supporting our growth" says Martin Brault, President and CEO of INNO-3B. "The innovative technology developed by INNO-3B can produce vegetables with low production costs, high yields and low energy consumption in a small space. Innovation makes it possible to respond to growing needs of consumers for fresh quality products while reducing greenhouse gases greenhouse significantly" says Richard Cloutier, President and CEO of the Ecofuel Accelerator and managing partner of the Ecofuel Fund. The funding will also help to intensify R & D activities."Thanks to the technological advances made in recent years, we have managed to position ourselves among the leaders in automated vertical farming. In order to offer our customers a cutting edge product we are exploring the most interesting synergies with artificial intelligence (AI)” adds Martin Brault, president of INNO-3B. INNO-3B now has fifteen employees in Quebec and Ontario and plans to create ten jobs by the end of 2019.
INNO-3B is an innovative company which designs and manufactures vertical farming robotic platforms in closed environments for crops of high-density plants. These modules control the environment to facilitate harvesting and improve yields.
About the Ecofuel Fund
Ecofuel is an investment fund and accelerator offering a specialized and customized training program for clean technology companies. Powered by Cycle Capital, Ecofuel works with entrepreneurs to assist them in starting businesses to breakthrough internationally. The Ecofuel Fund, a $30 million venture capital fund, invests smart capital in seed companies that develop and market clean technologies. It is funded by Investissement Québec, BDC Capital, Fondaction, the Fonds de solidarité FTQ and the Centre québécois de valorisation des biotechnologies (CQVB).
About Desjardins Capital
With nearly 45 years of expertise, Desjardins Capital’s (formerly "Desjardins Venture Capital") mission is to promote, support and retain SMBs in Quebec. With assets under management of C $ 2 billion, Desjardins Capital contributes to the sustainability of 460 businesses, cooperatives and funds operating in various sectors of activity and from all regions of Quebec. In addition to helping to maintain and create some 67,000 jobs, this Desjardins Group component provides entrepreneurs with access to a broad business network to support the growth of their businesses.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development investment fund that is financed with Quebec savings. With net assets of $ 13.7 billion as at November 30, 2017, the Fund contributes to the creation and maintenance of 186,440 jobs. The Fund is a partner of more than 2,700 companies and has more than 645,000 shareholders.
Learn more about INNO-3B’s innovative indoor farming technologies in this article from Maison des régions. We are changing the face of agriculture! https://maisondesregions.com/inno-3b-un-concept-dagriculture-novateur/
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