INNO-3B announces new round of seed funding

INNO-3B announces new round of seed funding

The company, which has developed vertical farming technology it says reduces greenhouse gas emissions, received $6 million in new funding.

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January 7, 2019
Press Release

INNO-3B a manufacturing company, which has developed a technological solution to reduce greenhouse gas emissions through vertical farming, announced the closing of its first round of financing of nearly $6 million. The investment round was led by the Ecofuel Fund, with the participation of Desjardins Capital, the Fonds de Solidarité FTQ, Premier Tech, the Fonds de Solidarité FTQ Bas Saint-Laurent, Investissement Québec and the Ministère de l’Économie et de l’Innovation.

This investment will enable INNO-3B to implement a demonstration of its technology in the context of real time operations. The latter will accelerate the marketing of its products and ensure constant support for its customers.

"We are enthusiastic to start this new phase of development while we have strategic investors dedicated to our success and which allow us to accelerate our growth. The Ecofuel Fund, Desjardins Capital and the Fonds de solidarité FTQ, in particular are actively supporting our growth," says Martin Brault, President and CEO of INNO-3B.

"The innovative technology developed by INNO-3B can produce vegetables with low production costs, high yields and low energy consumption in a small space. Innovation makes it possible to respond to growing needs of consumers for fresh quality products while reducing greenhouse gases greenhouse significantly," says Richard Cloutier, President and CEO of the Ecofuel Accelerator and managing partner of the Ecofuel Fund.

The funding will also help to intensify R&D activities.

"Thanks to the technological advances made in recent years, we have managed to position ourselves among the leaders in automated vertical farming. In order to offer our customers a cutting edge product we are exploring the most interesting synergies with artificial intelligence (AI),” adds Martin Brault, president of INNO-3B.

INNO-3B now has 15 employees in Quebec and Ontario and plans to create 10 jobs by the end of 2019.