IUNU raises $24 Million Series B to speed market position and product offerings
Seattle-based controlled environment specialist IUNU has announced it has raised an oversubscribed $24 million Series B round of financing led by Lewis & Clark Ventures.
Existing investors S2G Ventures, Ceres Partners and Astanor Ventures also participated, according to a news release. This funding will be used to accelerate the company’s growth plans, specifically around global sales expansion and new product introductions.
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, according to the release. Growers using LUNA products are increasing revenue and yield, decreasing labor costs and seeing huge improvements to the quality of their crops by detecting and remediating issues earlier than ever.
Beyond leafy greens, the company works with growers in the cannabis, floriculture and vine markets, according to the release.
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, according to the release.
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.
“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,” Suhas Narayanaswamy, principal at Lewis and Clark AgriFood, said in the release. “We are thrilled to be part of a company that is enabling the world's largest [controlled environment agriculture] companies to be more efficient and ultimately enable consumers to access better quality fresh produce.”
As part of the Series B, Narayanaswamy has joined the IUNU board of directors, according to the release.
