Sollum Technologies grabs C$30m in Idealist-led follow-on funding

Sollum Technologies is a Montreal-based provider of LED lighting solutions for closed environments, such as greenhouses, research centers and laboratories.

  • Idealist Capital led the round, providing C$25 million of the total, while Fondaction invested C$5 million
  • Sollum Technologies president and CEO Louis Brun said the funds raised will help the company accelerate its penetration of a growing market.

Sollum Technologies, a Montreal-based provider of LED lighting solutions for closed environments, such as greenhouses, research centers and laboratories, has raised C$30 million in follow-on financing.

Idealist Capital led the round, providing C$25 million of the total, while Fondaction invested C$5 million.

Founded in 2015, Sollum has designed an LED lighting solution that modulates the full spectrum of the sun’s natural light to illuminate closed environments, such as greenhouses, research centers and laboratories. Its turnkey solution consists of internet of things, artificial intelligence-powered light fixtures that are controlled by the company’s proprietary sun-as-a-service cloud platform.

On the deal, president and CEO Louis Brun said in a statement that: “In a short period of time, Sollum has demonstrated that the unparalleled precision of light generated by its smart LED grow light solution optimizes crop productivity and quality while maximizing energy efficiency. Our technological approach allows us to be competitive and deploy our solution in large-scale greenhouses. This capital contribution will allow us to accelerate our penetration of a growing market by enhancing the competitiveness of our solution, and its flexibility through the addition of a multitude of spectral recipes.”

Based in Montreal, Idealist Capital is a private equity firm focused on investing in energy transition and decarbonization. Also based in Montreal, Fondaction is a labour-sponsored investment firm that backs Quebec small businesses.