Syngenta has been an investor in Illumitex, which produces lighting equipment to help grow plants and vegetation, since they formed a strategic partnership in 2011.
US-based lighting product maker Illumitex closed a $16m series C-1 round yesterday featuring Syngenta Ventures, the strategic investment arm of agribusiness Syngenta.
Investment firm WP Global Partners led the round and was joined by New Enterprise Associates (NEA), Morgan Creek Capital, Mousse Partners, Apex Venture Partners, DMWMDW Interests, Jimmy Treybig and Larry Abrams, all existing investors.
Founded in 2005, Illumitex manufactures LED optics systems the company claims deliver more usable light while consuming less energy. They are chiefly used in the growing of plants such as vegetables or medical marijuana.
Illumitex has now raised approximately $64.8m in equity and $9.4m in debt altogether, according to press releases and regulatory filings.
Syngenta Ventures initially invested alongside DFJ Mercury and NEA in a $13.5m round raised by Illumitex in 2011 as part of a strategic collaboration agreement. Australia-based lighting product manufacturer Gerard Lighting Group invested $3m in the same round as part of a separate partnership agreement.
Carl Gallagher, chief financial officer of Illumitex, said: “The addition of WP Global to our investor roster speaks to the confidence the investing community has in our horticulture lighting division. And the fact that almost all of our existing investors joined in this round is another vote of confidence.”
– Photo courtesy of Illumitex, Inc.