Vivid Machines announced the successful completion of an oversubscribed first close of its seed round funding of $4.3 million. The company – which was 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.
The seed funding round 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.
What the funding will be used for: Vivid Machines plans to use the seed round of funding to speed the development of a broader set of system applications as well as expand its capabilities to a wider variety of fruit crops.
KEY QUOTES:
“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.”
- Jenny Lemieux, Vivid Machines
“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. 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.”
- Kirk Kemp, owner of Algoma Orchards, Newcastle, Ontario
“Vivid Machines brings a higher level of transparency and efficiency to the fruit supply chain. 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.’’
- Michelle Scarborough, managing partner, BDC Capital Thrive Venture Fund
