Lucent BioSciences, a Vancouver BC-based AgTech startup focused on bringing carbon-neutral fertilizers to market, raised $4.2M in funding.
Backers included Emmertech, Amathaon, SVG Ventures, WUTIF Capital, Vantec/eFund and Vancouver-based angel investors.
The company intends to use the funds to:
- accelerate the development of sustainable fertilizers and seed treatments,
- expand manufacturing,
- bolster commercialization and
- prepare a Series A investment round in 2022 to fund further expansion.
Led by CEO Michael Riedijk, Lucent Bio has developed a novel patent-pending fertilizer for agriculture that uses cellulose fiber as a delivery agent. The product improves yield and soil health, is carbon neutral, non-polluting, and sustainable.
The company is working with food processing companies to upcycle their low value cellulose fibers into a high value fertilizer and seed treatment. In addition, they are collaborating with several large fertilizer companies to develop custom fertilizer solutions from its patented cellulose-based nutrient delivery technology.