ITHACA, N.Y.--(BUSINESS WIRE)--Aero Farm Systems LLC (“AeroFarms”, the “Company”), a provider of aeroponic technology and solutions, announced today that it has secured $500,000 in seed financing. The round was led by The Quercus Trust of Newport Beach, CA, with co-investor 21Ventures LLC, a New York-based venture capital firm. The Company has developed aeroponic technology, a cutting-edge subsector of hydroponics, that grows produce without soil and without sun, all year round and in any location. Its modular, vertically stackable systems are designed for locating in old or vacant urban buildings, enabling local production of pesticide-free, fresh, clean greens.
AeroFarms also announced the appointment of David Anthony, Managing Director of 21Ventures, to its Board of Directors. Anthony joins Dr. Ed Harwood, the Company’s founder & Chief Executive Officer. Harwood began learning about aeroponic technology in 2002 when he was serving as Associate Director of Cornell University’s Cooperative Extension. In 2004, Harwood founded the Company and used his technology to grow for several years. With the system’s incredibly high yields and impressive economics, Harwood decided to transform the company into a technology and solutions provider for other growers and entrepreneurs in 2009.
“This is an exciting time for the urban agricultural movement as a whole. Now more than ever, our world is faced with the incredible challenge of feeding its growing population in the face of limited resources—land, water and energy. AeroFarms answers this challenge by providing an ultra resource-efficient technology that grows high quality produce, locally and profitably,” said Harwood. “Our venture capital partners bring a great deal of experience in technology commercialization and marketing that will position the company well for its next stage of growth.”
“21Ventures invested in AeroFarms because it provides critical and disruptive technology for our food system,” said Anthony. “The current system of centralized, remote food production across thousands of acres of land will no longer sustain our planet as fuel costs and populations continue to rise. We view AeroFarms similar to our distributed energy investments in solar and wind, in that the decentralized nature of its technology enables a stronger, safer and more secure food system.”
Proceeds are being used to complete the product’s final design and support its initial system installations.
AeroFarms provides aeroponic growing systems that grow produce without soil and without sun, all year round and in any location. AeroFarms modular, vertically stackable systems are designed for locating in old or vacant urban buildings, enabling local production of pesticide-free, fresh, clean greens. AeroFarms systems transform food production into a more sustainable, efficient, and safe process by enabling profitable, commercial-scale vertical farming in urban centers. Founded in 2004, AeroFarms is based in Ithaca, NY. More information can be found at www.aerofarms.com.
About The Quercus Trust
Based in Newport Beach, California, The Quercus Trust is recognized as one of the North America's leading clean-tech venture funds, with strategic investments in the clean technology areas of solar, water, bio-fuels, wind and batteries. The Quercus Trust is known to provide more value than funding alone, and takes a long-term view of invested capital, leveraging its industry expertise and relationships for the benefit of its portfolio companies.
Founded in 2004 and headquartered in New York, 21Ventures invests in seed, early stage technology and publicly traded companies in the security, clean energy and mobile software markets. 21Ventures is led by David Anthony who, in addition to serving as Director of several 21Ventures portfolio companies, serves as member of the board of directors of Entech Solar, Inc (ENSL.OB). The fund’s primary geographic focus is Israel, where over half of the company’s investment capital has been deployed to date. 21Ventures currently manages more than $250 million worth of investments in 25 companies in Israel and the United States. More than half of 21Ventures’ investments are in clean energy companies. More information can be found at www.21Ventures.net.