Agtech firm CubicFarms raises $22M to plow into R&D

Company plans to use the funds for R&D, growth and to meet global demand.

CubicFarm Systems Corp. (TSXV:CUB) announced a $22 million bought deal public offering. It’s the company’s second bought deal in just five months—totalling just over $38 million. The company plans to use the funds for research and development.

CubicFarms is a local chain, agricultural technology company developing automated technology that empowers farmers to provide independent local food access, maximize crop yields, and reduce environmental costs.

Named one of Agritecture’s most innovative vertical farming companies of the decade, the company recently added a slew of top-ranked executives to its team. Last week, the firm announced that business veteran Janet Wood had been appointed to the Company’s Board of Directors.

In March, CubicFarms hired Edoardo de Martin, former GM of Microsoft Vancouver, as its new Chief Technology Officer. The company said De Martin would leverage his experience in the tech industry spanning artificial intelligence (AI), robotics, and software development to support CubicFarms’ growing technologies.

Last December, CubicFarms raised $16.2 million in equity financing to fuel its global expansion. Approximately $5 million of the funding came from Harry DeWit, the CEO and president of Blue Sky Farms, and the remaining amount from an unnamed group.

The global agritech market is projected to hit $41 billion by 2027, according to Research & Money Markets.