The funding will help the sustainable indoor farming company scale its operations.
"I am truly honoured to have won amongst such an impressive group of finalists. Making it through the competitive process for the national competition is fantastic validation for the potential impact of our technology. It’s a testament to the amazing work from our whole team over the past three years, to bring our unique indoor growing products to market. We’re looking forward to working with the best growers from around the world, to realise the full impact of our technology over the coming years!"
The funding round was led by private investors alongside co-investment from the Development Bank of Wales.
"We are really pleased that the Development Bank of Wales, private investors, and our overseas existing investor recognise our potential and our achievements to date, as we capitalise on the industry drive to reduce dependence on chemical pesticides with safe and sustainable solutions. This additional investment will accelerate ongoing product development and take advantage of the growing biopesticide market"
The funding round was led by S2G Ventures with participation from AgFunder and the Scottish Investment Bank to support global expansion and product development.
"Indoor agriculture production is at a tipping point. Grocery and food service firms have never been more interested in adopting this in their future supply chain. Cost and quality of product will be critical to scale this adoption. IGS’s revolutionary technology has proven itself to reduce power consumption, improve ventilation and hence reduce the capital and human costs to deliver fresh and differentiated products to consumers,"
Salic led the £7m funding round, valuing the British agritech company at £30m.
"As a machine learning business, our technology thrives on having more data to work with. Gaining access to Salic's portfolio gives us an unprecedented opportunity to hone our capabilities even further."
