CPE News (4.202.2023) – Vivid Machines Inc. has raised US $4.3 million in first closing of its seed round financing.
BDC Capital led the financing and was joined by StandUp Ventures, Algoma Orchards, Tall Grass Ventures, Entrepreneur First, BoxOne Ventures, Conexus Venture Capital (Emmertech), the W Fund, Cornell, Freycinet Ventures, N49P and MaRS IAF.
In connection with the closing of the financing, BDC’s Kimberly Yeung has joined Vivid Machines’ board of directors.
Founded by CEO Jenny Lemieux and CTO Jonathan Binas, Toronto based Vivid Machines has developed advanced computer vision technology that gives fruit growers and others in the fruit supply chain accurate real-time crop data down to the plant level.
photo credit: Wivid Machines
Vivid Machines Closes $4.3M USD Seed Round Funding to Expand End-to-End Computer Vision Services for Fruit Supply Chain
Funding will accelerate development of additional system applications and expansion into more fruit crops.
April 20, 2023 10:10 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Vivid Machines Inc. today announced successful completion of an oversubscribed first close of its seed round funding of $4.3M USD. The company, founded by Jenny Lemieux, CEO, and Jonathan Binas, CTO, has developed advanced computer vision technology that gives fruit growers and others in the fruit supply chain accurate real-time crop data down to the plant level.
“Thanks to the belief our investors have in our team and the market, and the faith growers have placed in us in these early days, Vivid Machines will continue to develop cutting-edge technology to help the fruit supply chain increase fruit quality on existing acreage while optimizing costs,” said Jenny Lemieux, Vivid Machines.
Vivid Machines plans to use its seed round funding to speed development of a broader set of system applications as well as expand its capabilities to a wider variety of fruit crops.
“We’re very happy to have been one of the first to try Vivid Machines’ Vivid XV spectral imaging system to increase yield forecasting accuracy in our apple orchards,” said Kirk Kemp, owner of Algoma Orchards, Newcastle, Ontario. “By the end of the season last year, yield prediction accuracy was, on average, 90%, which gave us the confidence to commit to working with Vivid. We knew their technology could help us improve yield and quality while also increasing sales. We look forward to making full use of the Vivid XV system this growing season,” said Kemp.
Seed round funding was led by BDC Capital Thrive Venture Fund, with StandUp Ventures, Algoma Orchards, Tall Grass Ventures, Entrepreneur First, BoxOne Ventures, Conexus Venture Capital (Emmertech), the W Fund, Cornell, Freycinet Ventures, N49P and MaRS IAF.
“Vivid Machines brings a higher level of transparency and efficiency to the fruit supply chain,” said Michelle Scarborough, managing partner, BDC Capital Thrive Venture Fund. “Its unique technology integrates machine learning to image capture methods, and leverages real-time analytics and output, helping growers increase their production. We are excited to support Jenny and Jonathan, and the whole Vivid Machines team, in their important work to revolutionize fruit production and reduce food waste.’’
For more information about Vivid Machines, please visit vivid-machines.com.
About Vivid Machines
Founded in 2020, Vivid Machines has developed a real-time spectral sensor and computer vision system to provide insights to growers, pack houses, and fruit marketers. The Vivid XV system mounts on farm equipment, capturing plant-level data below the canopy across production, and providing fruit-level data to optimize the fruit supply chain.
Melanie Dubois, marketing director