Nordetect raises €1.2m seed round from Rockstart, Luminate NY, SOSV, PreSeed Ventures and Vækstfonden
The Copenhagen based agritech startup helps farmers, agronomists and indoor growers optimize the use of chemistry for a sustainable green revolutionrocks
Today we announce its co-investment in Nordetect, a Rockstart portfolio company. The €1.2m seed round was led by Luminate NY with Rockstart, SOSV, PreSeed Ventures, Vækstfonden (The Danish Growth Fund) as co-investors. Nordetect was part of the Rockstart AgriFood 2019 batch and this funding round marks Rockstart’s third investment in the company. The startup plans to use the funding to commercialise its proprietary technology platform as it launches an early access program to indoor and vertical farms in Europe and the East coast of the United States.
Founded in 2016 in Copenhagen, Nordetect helps farmers, agronomists and indoor growers optimize the use of chemistries for a sustainable green revolution. Agriculturists need to maintain the right nutrient levels for optimum yields from their crop. Indoor growers need to maintain water quality and ensure that they have the right levels of nutrients (liquid fertilizer) and light. Vertical farms and other high tech indoor farms use this data to increase their yield per square foot and supply more locally. The process of collecting and testing soil and water samples is a time consuming process ranging from 3 days to 3 weeks. The one-click device and test kits from Nordetect can test multiple nutrients simultaneously and in a matter of minutes.
Mark Durno, Managing Partner, Rockstart AgriFood, comments:
“Having personally managed both soil and hydroponic production, I know how important it is for farmers and growers to get access to accurate nutrient assessment for optimal plant growth and yield. We invested in Nordetect because they have further enabled existing wet lab chemical analysis by combining new technologies, empowering the customer to own this faster and more affordable technique as and when they need it.”
“We are keen to get started on scaling up the manufacturing of our Lab-on-a-chip consumables and deliver to our early customers. The new funding allows us to make the necessary investments in process automation to bolster our supply of the product as we enter our go-to market segment. We’re excited to have Luminate and all our previous investors on board providing their specialized expertise,” says Keenan Pinto, CEO & Co-founder of Nordetect.
“Nordetect’s technology has the promise to deliver on multiple megatrends within the ag/tech industry, including the use of sensors, software, and accurate analysis/intelligence to enable smarter farming, improve water management, and foster sustainability,” Sujatha Ramanujan, Managing Director, Luminate NY also commented.
“Nordetect is a fantastic frontrunner for the stable of great GreenTech startups that are coming out of Denmark. Since we first invested in Keenan and Palak they have continuously shown that their product can positively impact the global issues of our connected food ecosystems by creating better yields with less waste. That is why we have made this follow-on investment supporting the upcoming US expansion, where current market trends offer a huge commercial potential for providing ‘data on demand’ for growers. With this in mind, we believe Nordetect has the opportunity to build a better future while also making a good financial return,” says Marianne Hyltoft, DeepTech Fund Director, PreSeed Ventures.
Rockstart empowers purpose-driven founders on their way to success across three domains: AgriFood, Energy, and Emerging Technologies. Rockstart empowers early-stage startups starting with its accelerator program and continuing with co-investments up to Series B. Through the €18+ million AgriFood fund, Rockstart is dedicated to finding, investing in, and empowering top Agtech and Foodtech startups. The Rockstart AgriFood 2021 applications are open with a deadline to apply by April 22, 2021.
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