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Exclusive: Elevated Signals nets $5.8M for cannabis-to-climate move

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Illustration: Gabriella Turrisi/Axios

Elevated Signals has closed a C$7.9 million ($5.8 million) round to expand its tracking software from cannabis to climate tech, the company tells Axios exclusively.

Why it matters: The startup's data can play an important role in helping companies in emerging sectors like vertical farming and mineral extraction grow their operations.

Zoom in: CEO Amar Singh said the company plans to use the funding to attract customers in those markets.

  • Singh said the Vancouver company's software, which he likens to inventory tracking, paired with scientific data, has already gained considerable traction with cannabis operators like Joi Botanicals and Rubicon Organics.
  • "The cannabis industry kind of fell into our lap as this once-in-a-lifetime opportunity," said Singh, adding that the company's main focus was always food security.
  • The company raised the Series A round led by Yaletown Partners, and with participation from Third Kind Venture Capital, WGD Capital, Colin Harris, Raiven Capital, and Pareto Holdings.

Big picture: Manufacturing and operations management software is dominated by older legacy software vendors that sell what's called "Enterprise Resource Planning."

  • But companies in brand new sectors, or young startups, are looking for something that's more flexible, quicker to deploy, and lower cost.
  • Companies in particular that sell biological organisms — like indoor crops or cannabis — need to collect and manage different data sets.

What's next: Once a system like Elevated Signals collects data about a facility, a company can use that data to deploy other AI tools.

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