Monday 24th April 2017, 12:00pm
In April 2016, Greengage Lighting was profile by Young Company Finance following a round of investment and fifteen months on, the company seeks further equity.
Greengage Lighting, one of the first tenants of Roslin Innovation Centre, provides lighting solutions for indoor and livestock production, aiming to improve animal welfare and energy efficiency through 'clip on' LED fixtures.
"It's onwards and upwards, we finished 2016 in pretty good shape, ending up better than 2015 and we're on track to double that this year."
The company secured just over £700,000 of further equity and If earlier rounds of investment were about establishing Greengage and its product, 2017 is focused on scaling and R&D. As well as increasing the team's workforce from eight permanent staff to twelve, the company has been pushing its product beyond smart lighting and into sensors and data gathering.
"We can now start tracking data 24/7 creating this aerial network in the shed which is not only giving beneficial lighting to the animal under production but is also helping provide a monitoring base. "
The new sensor system will be able to monitor temperature, humidity, light intensity and scan for certain gases like carbon dioxide and ammonia. Greengage estimates that the market opportunity available to be made in lighting in the livestock sector is more than $3b dollars. Steve Parsons hopes that expanding into sensors and data analytics could double this.
"Small businesses always have the challenge that you have to spend money to earn money and yet you have to keep your cashflow as a balanced equation."
"Our next round of funding in Q3 2017 is about setting the business for growth and putting us in a strong position to provide intelligent lighting for precision farming around the world."
Steven Parsons, CEO, Greengage LightingSource: Young Company Finance, Issue 222
Roslin Innovation Centre
The University of Edinburgh
Easter Bush Campus
Midlothian EH25 9RG
