Lumo raises $2.1M pre-seed for smart irrigation
The ag tech startup Lumo raised $2.1 million in pre-seed funding to commercialize its "smart irrigation" technology.
Why it matters: Crop irrigation alone accounts for 70% of water usage worldwide and a whopping 42% of water consumption in the U.S. Yet much of that water is lost to evaporation, runoff or poor design.
- Meanwhile, ag tech investment is booming — and drawing funders from other climate tech sectors.
The details: Fall Line Capital led the round. The VC firm, based in the Bay Area, focuses on farmland and sustainable agriculture.
What's happening: Lumo says it's developed a smart irrigation system that incorporates efficient cloud-managed water valves to reduce waste.
- Lumo's systems are being tested in Sonoma County vineyards and orchards.
Zoom out: The UN is projecting a 40% shortfall in global freshwater supplies by 2030 — a crisis only being made worse by crushing heatwaves.