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.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.