Lucent BioSciences, an AgTech startup based in British Columbia, has raised $4.2 in seed funding to make carbon-neutral fertilizers the go-to option for the agriculture industry.
The funding was raised from investments by several firms like Emmertech, Amathaon, SVG Ventures, WUTIF Capital, and Vantec/eFund, as well as several Vancouver-based angel investors. The capital will allow Lucent BioSciences to boost its development and commercialization efforts, as well as prepare for the upcoming 2022 Series A round. Kyle Scott, Emmertech Managing Director, referred to the round by stating:
“Emmertech is thrilled to be a part of the Lucent team. We actively look for new technologies that help our agriculture ecosystem increase yields and decrease waste. Lucent hits the intersection of both. Most importantly, we became enamored with the team’s vision to show farmers can increase yield while playing a critical role in helping combat climate change. We are excited to see this team bring exciting, sustainable products to the market.”
Lucent BioSciences was founded with the mission to make agriculture more sustainable, allowing the industry to improve yield and soil health without the negative environmental impact of traditional fertilizers. The startup achieves this by offering a line of micronutrient fertilizers that uses cellulose-based delivery technology. Michael Riedijk, CEO of Lucent BioSciences, said in this regard:
“We are motivated by developing solutions to mitigate climate impact on global food security. Over the last 18 months, we have achieved key milestones in R&D, scale-up engineering, field trials and commercialization. We’re now working on increasing manufacturing in collaboration with partners and getting the product in the hands of farmers to grow better crops sustainably”
According to a study by North Dakota State University, poor management of commercial fertilizers can result in oxygen depletion, wee growth, ammonia toxicity, high nitrate levels, and the emission of several gases, which not only have a negative impact on the soil but also affect humans and animals. Lucent BioSciences solution reduces these effects by providing a more effective delivery technology that reduces waste and improves absorption.