Lumo Raises $7 Million from Active Impact and Fall Line Capital to Fund Research and Development and Rapid Go-to-Market Expansion
Napa County, Calif., May 7, 2024 – Lumo, a connected irrigation company that helps growers save time, money, and water with patented smart-valve technology, has raised a $7 million funding round from Active Impact Investments and Fall Line Capital.
The funding will enable Lumo to continue investing in product research and development, and rapid go-to-market expansion, bringing truly accountable technology to every element of irrigation operations and delivering on Lumo’s mission to help protect the future of farming. Dozens of world renowned growers in Napa, Sonoma, and the Central Coast are already using Lumo One smart valves to automate their irrigation, monitor flow rates remotely, and gain better visibility into the performance of their irrigation systems.
“As labor costs continue to rise, groundwater regulations continue to pass, and the impacts of climate change continue to be felt, time is of the essence,” said Devon Wright, Lumo’s CEO. “Growers need to move quickly to take tighter control of their water management practices, irrigate with greater precision, get ahead of regulations, and eliminate waste from their operations. Our future food and water security depends on upgrading our irrigation infrastructure and improving our water stewardship as soon as we possibly can.”
Active Impact, Canada’s largest climate tech seed fund, was a natural fit for Lumo given their dedication to building climate resiliency and sustainability into our food and water systems, catalyzing change, and solving the most urgent environmental issues facing humanity today.
“Acute water stress affects half the world’s population and is accelerating with climate change. Lumo addresses the shockingly high amount of inefficiency in agricultural irrigation, which is the largest use of our world's water today,” said Mike Winterfield, Founder and Managing Partner at Active Impact, who will also be joining Lumo’s Board of Directors. “With fast-paced customer adoption, an impressive founding team, and a truly differentiated solution, Lumo is well-positioned to become a market leader in irrigation automation and, in time, the world's largest system of record for water use data.”
As growers continue to contend with cost pressures and softening revenue, the need for a reliable and trustworthy way to automate irrigations has never been greater. The growers who make technological investments to contain costs and protect their revenue today, will be best positioned to profit tomorrow.
"While automated irrigation is well adopted in row crops, we have not observed that trend in specialty crops due to the unique management needs and the importance of reliability," said Libby Spalding, Vice President at Fall Line Capital. "Lumo’s system leverages advances in fluid dynamics and connectivity that enables automation in specialty crops. Irrigation management will be key to optimizing production and adapting to volatility of water availability."
As Lumo expands both their product offering and geographic footprint, they will continue their relentless focus on providing farmers with world class support both online and in the field. “That wouldn’t be possible without incredible venture capital partners like Active Impact and Fall Line Capital,” added Wright.
For more information on Lumo’s smart valve technology and how it’s helping growers save time, money, and water, visit https://lumo.ag/
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Media Inquiries
Bennett Fitzgibbon
VP of Marketing, Lumo
[email protected]
About Lumo
Lumo is a smart irrigation company that supports growers and tackles water challenges head on using the most advanced water technology available today. The Lumo One smart valve allows growers to precisely control and measure how much water is applied to their crops at all times, reducing labor costs, excess water usage and eliminating irrigation guesswork. We're proud of what we've built at Lumo and the prestigious growers who have become our friends and customers. Our team takes great pride in working to help growers conserve their most precious resources - time, money and water.