WDDMF - Going Public: Data-Driven Cannabis Grow Company Braingrid Raises $2.5 Million
Braingrid, a cannabis tech company announced last Wednesday the completion of a $2.5 million in private placement financing. The move comes in advance of the company’s plans for a public listing on the Canadian Securities Exchange by summer.
Braingrid will use this investment to develop a new marketing campaign focused on lead generation and customer acquisition. The investment will also expand Braingrid’s research and development toward new products.
“We are very pleased to close this round of funding which will allow us to continue toward our goal of enabling customers on a global level,” Braingrid CEO Michael Kadonoff said in a statement released last week.
The tech company first revealed their signature product — the Sentroller — at the Internet of Things World Forum in Dubai back in 2015. According to the company’s website, the Sentroller has been put to work since then in commercial grows owned by WeedMD Inc. (TSXV:WMD) and Ample Organics.
The Sentroller is a piece of energy monitoring software that attempts to give cannabis growers better management over their power stations and greenhouses. It wirelessly connects to grow room sensors and reports any climate changes in real time through a mobile app. It is capable of monitoring multiple settings at once, including moisture and air quality, which can help commercial growers control TYMC and pathogens on cannabis.
In an interview with Cannabis Tech, CEO Michael Kadonoff shared his thoughts that a lack of data management systems exist in an industry growing as quickly as marijuana. According to the interview, creating a sensor that regulates the grow systems of medical and recreational cannabis is Kadanoff’s attempt at serving what he deems to be an underserved sector of this industry.
Braingrid’s recent financing of $2.5 million will fund further technological advancements with the company. Roger Dent, CEO at Quinsam Capital Corporation, one of the ventures which contributed to the investment, advocates for innovation. "Braingrid is aptly positioned to fill the ever-growing need for cultivation technology that assists growers in optimizing their cannabis grow,” he said in a statement. “We are excited to see what is next for them."