iUNU raises $24 million Series B to accelerate market position and product offerings

SEATTLE, WA - March 19, 2022

IUNU today announced it has raised an oversubscribed $24 million Series B round of financing led by Lewis & Clark AgriFood.

IUNU today announced it has raised an oversubscribed $24 million Series B round of financing led by Lewis & Clark AgriFood. Existing investors S2G Ventures, Ceres Partners, and Astanor Ventures also participated. This funding will be used to accelerate the company’s growth plans, specifically around global sales expansion and new product introductions.

IUNU is developing the future of Controlled Environment Agriculture (CEA) with a suite of solutions designed to bring data to the forefront of decision making. Founded in 2013, IUNU technology powers some of the world’s largest CEA operations. The company works with leading companies across the ecosystem, including some of the largest greenhouses and vertical farming companies such as Pure Green Farms, Hollandia Produce, CubicFarm Systems Corp. (TSX: CUB), the Red Hat Co-operative, Jamco Growers, and Intelligent Growth Solutions (IGS) Limited.

The company first launched in the leafy greens market, and now has more than 25% market share in North America and 74% of the top leafy greens greenhouse growers in North America run on IUNU’s LUNA Platform. Growers using LUNA products are increasing revenue and yield, decreasing labor costs, and seeing massive improvements to the quality of their crops by detecting and remediating issues earlier than ever. In addition to leafy greens, the company works with growers in the cannabis, floriculture, and vine markets.

IUNU has seen an explosion of growth in recent months, expanding its team by 50% in the past six months in response to market demand for its solutions. With hundreds of robots already deployed capturing images in commercial operations and over 500 more scheduled for deployment this year, IUNU has deployed more robots than any other company in the industry. In addition to its computer vision and artificial intelligence system, LUNA AI, every 5 minutes, a batch of crops is harvested in LUNA CMP, the company’s production and workforce management software. Together, the company has developed the largest production dataset in the industry – this in turn brings the most granular actionable alerts and information to customer hands.

“IUNU has an unmatchable stack of comprehensive product offerings that have been built and refined since 2013 making them the technology of choice for greenhouse and vertical farming operations,” said Suhas Narayanaswamy, Principal at Lewis and Clark AgriFood. “We are thrilled to be part of a company that is enabling the world’s largest CEA companies to be more efficient and ultimately enable consumers to access better quality fresh produce.”

“Greenhouse and vertical farming solve critical issues around food security, food safety and scarcity. IUNU’s technology brings incredible efficiency gains to indoor farming and is providing the foundation for data-driven indoor growing operations going forward,” said Cristina Rohr, Managing Director at S2G Ventures.

The CEA market is experiencing unprecedented growth right now. To address this growth, the company has recently completed two acquisitions of leading companies in the industry: Artemis and CropWalk, and completed a brand refresh. IUNU is the market leader in providing proven and trusted technologies to CEA growers and this latest round of funding will be used to continue expanding its market presence.

“This round of investment reflects the confidence institutional investors have in us. The conversation around autonomous growing has accelerated in the past year, and we’re proud to be leading the way on this front. We couldn’t be more excited to add Lewis and Clark as a partner and to have our existing investors continue growing with us,” said Adam Greenberg, CEO of IUNU.

“The CEA market has finally come to a point of proven expansion and we’re honored to be trusted by commercial operators who run their businesses on the LUNA Platform. This investment will be used to continue fueling our growth as we become the largest advanced technology company in the CEA industry,” said Allison Kopf, Chief Marketing Officer and Head of Data Products at IUNU.

As part of the Series B, Suhas Narayanaswamy, Principal at Lewis and Clark AgriFood has joined the IUNU Board of Directors.