Sydney agtech startup Lleaf has raised $3.5 million in a bridging round for its light-emitting plastics for indoor agriculture.
The round is led by Danish investment companies ALFA Ventures and 2 Degrees, with additional support from The University of New South Wales and deep tech hub Cicada Innovations, where Lleaf is based.
2 Degrees is the climate focused private investment vehicle in Mikkel Bülow-Lehnsby, co-founder and chair of NREP, a leading European urban development company.
Industrial chemists Dr Alexander Soeriyadi and Dr Alexander Falber founded Lleaf at the University of NSW in 2016, spending the next five years developing a series of patented light absorbing and emitting plastics. can improve the quality of sunlight and artificial light for hothouse and indoor-grown. plants, which deliver an increase in crop yield of an average of 20%.
The luminescent dyes used in the plastic roof of hothouses absorb light from one color and emit it in another. That light spectrum can be tailored for specific applications such as increasing photosynthesis or simulating seasonal changes for flowering and fruiting.
Clive Eley from investor 2 Degrees with Lleaf’s Chris Wilkins
Lleaf – the name is an acronym for luminescent light emitting agricultural film – shipped its first product in February this year and went on sale in June, raising funding today ahead of plans for a Series A in October.
The fresh capital is partly thanks to an article in Lleaf’s New Scientist published earlier this year that caught the attention of two climate-focused investment entities.
Lleaf commercialization director Chris Wilkins said it was easy to see the strategic value of opening a bridge round to the Danes so that the startup could focus on accelerating sales and developing new ones. product.
“It is clear from the first conversations that we are on the same page, they understand the technology at a scientific level and share our vision for its potential in the importance of increasing food production, sustainable, ” he said.
“The Danish have long been leaders in renewable and sustainable technology, so it is not a big surprise that they are actively supporting the green solutions of tomorrow. More than money, ALFA Ventures and 2 Degrees bring the depth of experience in changing the built environment.
“Cicada Innovations is a pillar of Australia’s startup ecosystem. They have been instrumental in incubating our business, and UNSW is renowned for their leadership in developing academic entrepreneurship – spinning off some of Australia’s best startups. Great It’s great to have their support from day one and into the future.”
Copenhagen-based Clive Eley from 2 Degrees said: “Lleaf technology has great sustainability potential as it allows for more efficient use of agricultural land, thereby reducing the overall human impact in the environment”
