Agritech startup Lumo raises $2.1m to tackle the global water insecurity crisis
Lumo, a new agritech company focused on water sustainability, announced 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 optimize 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 2030 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.
Lumo was launched by partners Devon Wright (CEO), John Hinnegan (CTO) and renowned water technology inventor, Henry Halimi (R&D)
- Wright started and sold Turnstyle Solutions to Yelp in 2017 for $20 million
- Hinnegan started and sold Thinknear to Telenav in 2012 for $22.5 million
- Halimi started and sold Flo to Moen in 2020 for an undisclosed amount
Devon Wright, CEO, Lumo: "Preserving fresh water requires fresh thinking. Climate change and population growth are forcing governments and farmers to adopt new water management technology. Currently, the systems that farmers are using for managing and tracking irrigation are broken and wasteful. Lumo's technology will not only help them in terms of productivity and profitability, but as the stewards of our planet, give them the much needed innovation they've been waiting for."
The $2.1 million pre-seed funding was led by Fall Line Capital, a VC focused on farmland and sustainable agriculture technologies. The funding will be allocated toward the continued development and commercialization of Lumo's smart irrigation system. This solution makes irrigation automation and reporting easily accessible to growers to optimize their water usage for maximum profitability. Lumo offers a user friendly, wireless and comprehensive data system without complicated scheduling, configuration, or manual intervention.
Baptiste Tellier, Director, Fall Line Capital: "Water is one of our most critical resources in agriculture. Yet, very few companies are tackling the problem in a practical and scalable way. The Lumo team's unique blend of hardware and software expertise will enable them to engineer irrigation controls that optimize for reliability and deployment. We look forward to working with them to bring their product to market and provide solutions for farmers facing climate change challenges and operating costs increases."
Looking ahead, Lumo will play a key role in creating a digital water record that could be used in the future to unlock enhanced water reporting and trading on a global scale. Lumo is backed by an advisory board of notable fresh water authorities, VCs, and viticulturalists that will help the company accelerate all critical areas of the business. The advisory board consists of Jay Wright, ex-COO & President of Global Wine for Constellation Brands, Rob Harris, GM of Durrell & Price Family Vineyards, and Kurt Beitler, Director of Operations at Boheme Wines.