Vancouver, Canada-based Lucent Bio, an innovative agricultural technology company raised more than USD 3.6 Million in funding. The round took place on November 8, 2023. PacifiCan through the Business Scale-up and Productivity program, provided the investment to the firm.
Purpose of financing for Lucent Bio
The secured funding will play a vital role in advancing Nutreos their innovative seed treatment technology. Nutreos is a biodegradable and micro-plastic-free seed coating designed to promote strong germination, vigour, and crop establishment, supporting the transition of traditional agriculture inputs to sustainable alternatives.
With the latest financing, the company seeks to support
- Research and Development: The investment allocates resources to enhance the formulation and effectiveness of Nutroes as it transforms from a lab concept to a field-ready product.
- Market Expansion: Lucent Bio also has a plan to utilize the funding to expand its market presence, making this eco-conscious seed treatment accessible to farmers globally.
- Environmentally Responsible Production: The company also plans to deploy funds towards ensuring Nutreos’s production processes align with environmental sustainability standards. From sourcing raw materials to manufacturing, Lucent Bio seeks to uphold eco-friendly practices, contributing to a cleaner agricultural industry.
What the investor has to add
The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), said, “The agritech sector in B.C. is growing and leading the way when it comes to innovation in areas such as food processing and soil/crop technology. PacifiCan is committed to working with innovative agritech businesses that are poised for growth – like Lucent Bio. This funding will support Lucent Bio as they increase their marketing capacity and optimize their manufacturing processes, creating quality jobs and helping propel B.C.’s economy forward.”
What the company’s official has to add
Michael Riedijk, CEO and Founder Lucent BioSciences, said, “The Business Scale-up and Productivity program is a game-changer for Lucent Bio, enabling us to scale up and commercialize our groundbreaking, environmentally-friendly seed coating products. With the construction of a new manufacturing plant in BC, we’re not only creating exciting new jobs in the emerging field of agritech but also taking a significant step towards reducing carbon emissions in agriculture. This initiative will enhance food security and climate resilience, making a lasting positive impact on our community and beyond. We’re thrilled to be part of this visionary endeavour that aligns perfectly with our mission to pioneer sustainable agriculture solutions.”
About Lucent Bio
Jason McNamee and Michael Riedijk launched Lucent Bio in 2014. Lucent Bio is a pioneer in the sustainable agriculture industry. The company’s commitment to pioneering innovation led to the development of patented solutions that prioritize environmental sustainability and profitability. Lucent Bio’s newly patented non-water soluble fertilizers are poised to redefine the future of sustainable agriculture practices.
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