Jan 17, 2023

Sollum Raises $30M to Grow Operations

Sollum Technologies has closed a $30 million financing round, including $25 million from Idealist Capital and $5 million from Fondaction.

Sollum offers greenhouse growers fully dynamic smart LED lighting. As the only 100% programmable technology, it can replicate the sun’s natural light cycle with unparalleled accuracy for cultivating any produce, regardless of its native climate and the location of the greenhouse. To this end, the technology has been the source of breakthroughs such as the large-scale production of peppers in winter and strawberries, and continues to be researched to expand the availability of fresh, local produce year-round in collaboration with leading producers.

In 2022, the company launched a line of lighting fixtures to meet the diverse needs and business models of greenhouse growers, whether they are large-scale growers looking for a solution that combines cost, productivity and sustainability, or grow specialty products that require ultimate light spectrum flexibility. Whatever their choice, greenhouse growers benefit from the Sun as a Service cloud platform, powered by artificial intelligence and the dedicated support of a team of experienced engineers, technicians and agronomists.

Louis Brun, president and CEO of Sollum, stated that: “In a short period of time, Sollum has demonstrated that the unparalleled precision of light generated by its smart LED grow light solution optimizes crop productivity and quality while maximizing energy efficiency. Our technological approach allows us to be competitive and deploy our solution in large-scale greenhouses. This capital contribution will allow us to accelerate our penetration of a growing market by enhancing the competitiveness of our solution, and its flexibility through the addition of a multitude of spectral recipes.”

Pierre Larochelle, co-managing partner at Idealist Capital, says: “We trust Sollum’s team and high-performance technology, which increases the energy efficiency of greenhouse operations and positively impacts crops throughout their growth cycle. We are excited to support the Sollum team for the next phase of its growth in Canada and internationally.”

“We are pleased to proceed with a second investment in Sollum,” said Claire Bisson, deputy chief investment officer at Fondaction. “The goal of Fondaction’s contribution last year was to accelerate the commercialization of a smart light supporting the fight against climate change and the development of a safe and sustainable agri-food sector. The response from growers has been very positive, and we are convinced that this smart lighting solution, which reduces energy consumption and makes it possible to produce fresh, local food all year-round, will have an even greater impact, benefiting growers and the planet.”