IPO Planned To Improve Revenues Indoors
8-01-2021| Business Live
“We believe that there is no better time to be involved in both agritech and medtech." A company which makes technology to improve indoor crop yields has received a £1 million investment ahead of a planned IPO.
Light Science Technologies has gained the funding from Intuitive Investments Group plc (IIG), ahead of going public on the London Stock Exchange in the next six months.
The business, based on the Hilton Business Park, Derby, provides lighting and plant growing and monitoring technology for agriculture in partnership with university research teams.
Its agricultural tech can be used in three main indoor settings – vertical farming (where crops such as tomatoes are grown in vertically stacked layers), greenhouses and medicinal plants.
Its patent-pending, sustainable light unit combines interchangeable LEDs, power and technology to help reduce costs and generate maximum yields over 25 years.
Its real-time monitoring and control technology can also be used to link technicians, farmers, and facility managers with their crops to provide instant production data.
Management said that with better light quality and energy savings, its light, science and technology products increase cycles.
It also supplies technology to clients in the electronics, audio, automotive, AI technology and pest control sectors.
The move to become a publicly listed company follows significant investment in its team and operations over the past few years which, the business said, has “brought to market a fully updateable, bespoke and intelligent lighting solution that provides optimal yield”.
The company is also due to launch its own in-house growth and laboratory service in the spring, focusing on plant growth and performance to help farmers with their crops.
Chief executive Simon Deacon said: “We believe that there is no better time to be involved in both agritech and medtech as two rapidly expanding sectors which are going to be responsible for spearheading some of the most significant global developments over the coming decade and beyond.
“IIG’s investment is not just a reflection of its commitment to LSTH as a fast-growing business backed by almost 30 years’ expertise in light technology but also of its awareness of the importance in achieving a better, more sustainable approach to agricultural production as well as pioneering potential life-saving solutions in digital health innovation.”
Light Science Technologies is IIG’s first investment following its own successful IPO and admission to AIM in December, as it seeks to attract investors with its life sciences portfolio.
IIG chairman David Evans said: “LSTH has the key ingredients for success; it has an excellent management team, a deep knowledge of the light spectrum and the application of that knowledge to areas where substantial growth can be obtained.
“I am personally excited about the potential diagnostic applications in the digital health sector, such as non-invasive haemoglobin measurement, as well as the developments in vertical farming technology that will underpin the long-term growth of LSTH.”
The investment follows recent funding for Light Science Technologies from Innovate UK which will see it work over the next six months with Nottingham Trent University to develop a growing sensor and transmission node for vertical farms.
Photo: Light Science Technologies designs lighting, science and plant monitoring technology.
Source and Photo Courtesy of BusinessLive