Farming News - Scottish agri-tech startup IGS raises €6 million to achieve global growth in vertical farming
Scottish agri-tech startup IGS raises €6 million to achieve global growth in vertical farming
Intelligent Growth Solutions (IGS), the Scottish-based vertical farm technology startup, announced today a €6 million Series A funding round led by S2G Ventures – one of the world’s leading agri-foodtech investors.
Founded in 2013, IGS supplies highly sophisticated plug-and-play vertical farming technology to indoor farms to enable the efficient production of food in any location around the world. To demonstrate the unique technology stack it has developed, IGS opened its first vertical farming demonstration facility in August 2018. Since that announcement the company has received a lot of interest from around the world with orders mounting for its ground-breaking, patented technologies.
IGS’ unique technology has been designed specifically to address some of vertical farming’s biggest challenges, including the cost of power and labour, as well as the inability to produce consistently high-quality produce at scale. These economic and operational barriers to growth have inhibited the sector’s expansion to date. IGS has designed all its products to be highly pragmatic, flexible, modular and scalable in-line with market requirements.
The fresh capital will allow IGS to create jobs in areas such as software development, engineering, robotics and automation. It will also help IGS to increase its product development, including continued innovation in AI, big data and the Internet of Things. IGS will also be building global marketing, sales and customer support teams in three continents.
This growth is pivotal for IGS to meet significant demand from growers, retailers and governments aiming to address food security issues through alternative methods of production and new business models in their regions. In 2019, IGS will be deploying indoor farming systems for clients in every major territory globally.
“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,” commented Sanjeev Krishnan, Managing Director of S2G Ventures.
IGS Chief Executive Officer David Farquhar stated: “We are thrilled to have the backing of the world’s leading agri-tech investors and the Scottish Investment Bank. We have recruited a world-class international management team, to be announced soon, to drive our plan forward with support from a board of senior international business people bringing industry expertise and best practice governance to the table.”