Canadian CleanTech & AgTech firm enabling solar, aerospace, and indoor farm advancement
Edmonton, AB — May 4, 2021: G2V, a fast-growing smart lighting firm is accelerating its global market expansion after raising CA$2.6M (US$2M) in growth funding.
“We’ve surpassed our expectations in terms of market adoption and the impact of our technology.”, says G2V’s CEO Ryan Tucker, “As of early 2021, our customer base has grown to include Fortune 500 technology companies, aerospace firms, and top tier research institutes in over 25 countries. International impact has been a focus of ours since day one, but we’ve been really excited about the reach and caliber of customers who’ve been seeking out our technology in our early stages of growth.”
G2V’s growth has been catalyzed by its proprietary leading Engineered Sunlight™ technology, which is the world’s best sunlight replication for the most demanding applications. Products based on the technology have been used to enable innovation in CleanTech and AgTech – testing satellites for orbital internet delivery programs, developing new solar photovoltaic materials, and enhancing yields of indoor & vertical farmed crops by up to 30%.
The growth funding round was led by G2V investor Accelerate Fund II (managed by Yaletown Partners with the support of the A100) along with other seed round investors including DJI Capital, ThresholdImpact, Bluesky Equities, and Ashif Mawji. Arden Tse, Investment Manager of Accelerate Fund II & III shared, “We’re excited to see our belief in the strength of G2V’s team and technology being proven out as they managed extremely well through last year’s pandemic challenges. The company remained focused on customer acquisition through 2020 and the additional capital secured in this round will propel their ability to service those clients while continuing their growth trajectory.”
G2V’s existing investor group was joined by BDC Capital, making its first investment in G2V through the BDC Bridge Financing Program. “G2V Optics technology is changing the way the world grows plants indoors by reducing energy consumption, and the overall costs of indoor farming. With its experienced team and pioneering technology, the company is poised for growth and we are delighted to support them through the Bridge Financing Program.” said Jérôme Nycz, Executive Vice President, BDC Capital.
Financial support for G2V Optics was also provided by the Government of Canada through Western Economic Diversification Canada (WD). Under its Business Scale-up and Productivity Program, WD is providing a repayable contribution of $1.34 million to enable G2V Optics to increase manufacturing and export capacity of its solar simulation technology.
“Our government is committed to ensuring that Canada’s innovators and entrepreneurs have every opportunity to scale-up, create good jobs, and reach new markets,” said the Honorable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada. “Today’s announcement by a growing company like G2V is further testament to the leading-edge products and services being commercialized in Alberta, and I’m proud that the federal government is playing a role in this success.”
“This funding positions G2V to expand our product offering for the world’s leading technology companies.”, added Dr. Michael Taschuk, G2V’s Founder & CTO, “G2V’s next generation of products will facilitate innovation by teams working to address energy production, controlled environment agriculture, and high performance aerospace applications.”
G2V’s recent funding round combines with a previously announced seed financing and a number of non-dilutive grants for a total of over CA$5M raised since the beginning of 2019. The private company was recently selected to participate in the NREL Industry Growth Forum and continues to focus on its mission of making the world better with data & light. “G2V aims to provide light for every major advancement in solar renewables and plant science in our generation.”, concludes Tucker, “That’s exciting!”
About G2V Optics:
G2V Optics is an emerging leader in smart lighting, monitoring, and data science solutions for advanced cultivation and solar research applications. The company is committed to delivering the highest ROI to the world’s leading innovators of light-dependent systems with the proprietary Engineered Sunlight™ platform.
G2V is headquartered in Edmonton, Canada and is an established innovator in software-controlled, adjustable-spectra technologies for aerospace and solar energy applications with customers at global technology firms and research institutions in over 25 countries. For more information, come find us at www.g2voptics.com.