Friday Fundings: PlantLab, Backbone, and Depict.ai
PlantLab Snags $57 Million in Bid to Expand LED Farming
Billions of private equity dollars have been invested into indoor farming ventures in recent years in an effort to bring fresh fruits and vegetables to more local markets. Amsterdam-based PlantLab is the latest firm to announce new fundraising. De Hoge Dennen Capital led the round, which raised $57 million.
PlantLab has developed special LEDs that facilitate photosynthesis. It focuses on salad vegetables, herbs, cucumbers, and tomatoes. Farming is underway in Amsterdam, the Bahamas, and Indianapolis. Executives say the funding will be used to open new production sites in both Europe and North America.
Mobile Gaming Controller from Backbone Bags $40 Million
A number of celebrities have invested in Backbone’s mobile gaming controller. Ashton Kutcher’s Sound Ventures, The Weeknd, Post Malone, Diddy, and Amy Schumer are all among the project’s investors. This $40 million Series A will be used to advance the company’s goal to become an all-in-one hub for mobile gaming.
Reports describe Backbone’s business plan as similar to what Roku (ROKU) did for streaming services, or what Sonos (SONO) did for music in terms of platform organization. The mobile gaming controller accesses games on the cloud and links with hardware as well.
Depict.ai Aims to Improve Ecommerce Algorithm
Stockholm-based startup Depict.ai says it can help any ecommerce platform to be like Amazon (AMZN). While that’s a lofty claim, the company’s software is designed to help retailers suggest products to consumers in a way that’s similar to Amazon’s algorithm. This involves collecting data to better target advertising and product recommendations.
Depict.ai has picked up 60 customers to date including both Staples and Office Depot (ODP). It is announcing a Series A fundraising round of $17 million. Executives indicate the money will be used to feed growth throughout Europe and the US.
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