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Agtech Startup, Lumo Raises $2.1m
- World Bio Market
Backed by Fall Line Capital, the California-based company has raised $2.1 million in pre-seed funding to build “first of its kind” irrigation system, designed to optimize water usage for commercial growers
Lumo [lumo.ag], a new Agtech company focused on water sustainability, announced today that it has raised $2.1 million in pre-seed funding and plans to allocate funds toward commercialization of its irrigation technology. The system offers a first of its kind wireless, cloud-managed water valve network that will enable growers to optimise water usage to improve crop quality and reduce overhead costs. Presently a number of Lumo’s irrigation systems are being tested in vineyards and orchards in Sonoma County, California.
On a global basis, the UN is predicting a 40% shortfall in freshwater resources by 20301 and with irrigation accounting for 70% of total fresh water used globally2, it’s now more important than ever for the agricultural industry to leverage modern technology to protect one of the world’s most precious natural resources by becoming more efficient and accountable.