Rift Labs, a Norwegian LED supplier, raised $1.7 million in funding to fuel their growth in the vertical farming- and CEA space.
"We have already secured commercial contracts and great interest from global players for our vertical farming solutions during our recent participation in the Indoor AgTech Innovation Summit in New York, and now we are utilizing this momentum to scale and expand internationally," says Halvard Aagaard, CEO of Rift Labs.
Halvard Aagaard (CEO) and Oyvind Hasund (CRO) at the Indoor AgTech 2022
Halvard Aagaard, CEO of Rift Labs, says further on: "We aim to become a leading technology partner for controlled environment agriculture using our patented LED technology and software control systems based on AI and machine learning. We are the only company today that offers a solution like this on the market."
Developing growing cabinets
The round was led by the largest shareholder Karbon Invest along with substantial participation from existing shareholders. Bulk Industrier with Peder Nærbø was invited on- board as a new investor and participated in the round, joining the list of prominent existing investors such as Carucel Finance and Datum Invest.
Rift Labs has been working with partners ONNA and Crayon since autumn 2020 to develop the Hydroponics Lab system, a project which has been supported by Innovation Norway and RFF Viken. The system especially makes use of Rift Labs' advanced dynamic LED lighting, traditionally reserved for other industries such as photo and video, which enables extremely precise and high-quality light in different wavelengths to be continuously optimized for plant growth.
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Øyvind Hasund Dahl, Chief Revenue Officer