ONCE Innovations, a developer of animal-specific light-emitting diode (LED) lighting systems based in Plymouth, Minn., announced the successful completion of a $5.3 million Series A Equity Capital Round.
The round was led by New Fashion Pork (NFP) of Jackson, Minn., the Ag Ventures Alliance of Mason City, Iowa, Lateral Capital of Minneapolis, Minn., and ONCE founder and chief executive officer Zdenko Grajcar. The round also included a number of angel investors.
Concurrent with this round, ONCE also announced that it reached an additional agreement with leading investors that gives ONCE access to future growth capital in excess of $14 million.
ONCE president Brian Wilcox said, "The completion of our Series A financing is a very important milestone for ONCE. This new financing represents the most substantial investment ever in agricultural lighting. What's more important is the vote of confidence represented by our lead investor, New Fashion Pork. ... With the support of NFP, we are determined to fundamentally change the role of lighting within agriculture."
"We are delighted to be associated with this impressive team," said Brad Freking, president and chief executive officer of NFP. "We see in ONCE the ability to think very differently about lighting in agriculture and to both design and manufacture products which deliver a new range of benefits to our operations. As our company grows, we expect to see ONCE grow right alongside us."
ONCE Innovations is a privately held LED technology development company with a primary focus on the research, development and commercialization of animal-specific, production-enhancing LED lighting systems. Since its inception in 2008, ONCE has developed a significant portfolio of more than 75 patents and patents applications related to both LED lighting and animal production-enhancing technologies.