Intelligent Growth Solutions Ltd (IGS), the Scottish-based indoor AgriTech and Commercial Lighting business, announced today a further raise of Â£1.6 million in the second and final close of its Series A funding. The Â£1.5 million received from globally established agri-investor Ospraie Ag Science (OAS), coupled with an additional Â£100k from Agfunder, brings IGSâ€™s total Series A fundraise to Â£7 million.
Ospraie Ag Science (New York City) joins existing Series A investors S2G Ventures (Chicago), the most active agri-foodtech investor globally in 2018; online venture capital firm AgFunder (San Francisco); and the Scottish Investment Bank in the investment round.
Ospraie brings 25 years of agriculture investing experience to IGS, and its investment in the company is its first step towards building a global platform in the indoor AgriTech market.
Dwight Anderson, Chief Investment Officer at Ospraie Ag Science commented: â€œIGS has tremendous potential to transform the way food is produced and supplied, and our investment â€“ Ospraieâ€™s first in the indoor agriculture market and in Scotland â€“ is a testament to our strong belief in the success of IGSâ€™ technology. The benefits of IGSâ€™s Vertical Farming align well with our mission of helping farmers do more with less. We look forward to leveraging our significant agriculture network to help IGS grow its business to meet the marketâ€™s demand for sustainable solutions.â€
This latest raise allows IGS to further expand its market presence through global sales operations for both AgriTech and Commercial Lighting. Demands for its systems are high with the first deployments expected in early 2020.
IGS Chief Executive Officer David Farquhar said: â€œThe further investment of Â£1.6 million is a hugely exciting one, not only for our business, but also for the Scottish economy. Ospraie has chosen IGS as its initial investment target in the indoor agriculture market, and also as its first investment in Scotland, which is a substantial endorsement of our technology and approach to date. Working alongside our other investors in this Series A funding we are in a really strong position to take our offering to a global market and meet the demand that is growing almost daily.
â€œThe pressures of climate change are real and clear and our technology and systems have the ability to play a part in addressing how we produce and supply food sustainably and productively all over the world. Our customers in the commercial property world are equally keen to adopt IOT-enabled smart lighting to create better indoor climates for their tenants and visitors alike.â€
IGS has designed all its products to be highly pragmatic, flexible, modular and scalable in line with market expectations.
Sanjeev Krishnan, Managing Director of S2G Ventures said: â€œWe are excited to partner again with Dwight and the Ospraie team. IGS will benefit greatly from the Ospraie insights, networks and entrepreneurial vision in building scaled businesses in the outdoor sector. Indoor Ag is set up to grow considerably and we are excited about IGSâ€™ role in that effort.â€
Michael Dean, founding partner at AgFunder commented: â€œWe are delighted to see our friends at Ospraie join us as investors in IGS. We look forward to working with the Ospraie team to ensure that the game-changing IGS technology is rolled out to Controlled Environment Agriculture project developers globally.â€
Kerry Sharp, Director, Scottish Investment Bank, said: â€œIntelligent Growth Solutions has made good progress recently. This latest investment is testament to the hard work and vision of the management team and will help the company as it takes its technology to the global marketplace. A company like IGS securing three international investors in Ospraie, S2G and AgFunder goes a long way to highlight the strength of opportunities available for Investors outside Scotland looking to invest in innovative Scottish companies. We look forward to continuing the journey with the company through our investment and our Scottish Enterprise account management service.â€
The Scottish-led R&D team at IGS has developed, patented and productised a breakthrough, IoT-enabled power and communications platform consisting of patented electrical, electronic and mechanical technologies as well as the worldâ€™s most sophisticated ventilation system. All this is managed by a SaaS and data platform using AI to deliver economic and operational benefits to indoor environments across the globe.
“I choose to challenge because as an engineer I believe more diversity leads to more creativity.”
“I choose to challenge because we need women’s skills and insights at ALL levels in the workplace.”
“I choose to challenge because I think women should always support other women and because inequality is still a major problem in some countries around the world.”
“I choose to challenge because encouraging challenge breeds genuine innovation across our business.”
"I choose to challenge gender stereotypes and encourage constructive challenges from all."
“I choose to challenge to address imbalance.”
“I choose to challenge because we need to celebrate women's achievements and drive positive change in gender balance both in the workplace and our everyday lives.”
“I choose to challenge because everyone deserves the chance to achieve their full potential.”
Thursday, June 23, 2022
IGS has announced a new strategic partnership agreement with Long Island-based CubicAcres which will see the grower expand its commercial operations to deliver high-quality, sustainably grown crops for consumption on the East Coast of the USA.
Tuesday, May 10, 2022
IGS exhibited at 10 Downing Street’s ‘Spring Showcase’, an event to celebrate the most exciting and innovative tech businesses in the UK food and agriculture industry.
Wednesday, May 4, 2022
Sustainable food producer OneFarm has announced its plans to deliver a 6,400m2 vertical farm in Newmarket, Suffolk. The farm will be delivered in partnership with indoor agritech specialist, IGS Limited, and is funded by both public and private investors.