Israel-based GemmaCert, a provider of cannabis analysis technology, has closed $2.25 million in funding. NEO Ventures, Stony Hill, and Arba Finance led the round with participation from Aggrinovation.
(Tel Aviv, February 13, 2018) – GemmaCert, a pioneer of cannabis analysis technology, today announced the completion of a $2.25 Million Series A-1 round. The new capital will be used to launch GemmaCert, the first truly non-destructive desktop cannabis composition and potency testing solution primarily for professional and home growers, processors and dispensaries. The size of a small kitchen appliance, GemmaCert provides peace-of-mind by assuring cannabis potency before use, as well as value for money by supporting purchasing decisions. GemmaCert is an eco-friendly and easy-to-use device that combines advanced optics and sophisticated algorithms to analyze whole dry cannabis flower buds, ground cannabis samples and cannabis oils.
Currently cannabis testing is time consuming and tends to be expensive, samples are destroyed, hazardous chemicals are often used, and requires skilled analytical staff. GemmaCert, however, allows any person to analyze and obtain accurate results in about 30 seconds.
“GemmaCert helps overcome the current challenges posed by the heterogenous cannabis flower, paving the way for personalized and reliable dosing, and providing a solution for the unpredictability associated with cannabis effectiveness. The funds raised will accelerate the execution of our business development plans, boost talent recruitment and drive us to generate first revenues in 2018,” said Dr. Guy Setton, Co-Founder and CEO of GemmaCert.
There is a growing global trend towards cannabis legalization. Increasing popularity for the medicinal use of cannabis will inevitably lead to a growing consumer and regulatory demand for product standardization. Research firm, ArcView, predicts the cannabis industry will grow 30% per year through 2020, meaning legal cannabis sales have the potential to reach $22 billion in the U.S. alone.
“Achieving a consistent dose is crucial for optimal treatment and patient safety, more so as cannabis turns increasingly popular and acceptable,” said Prof. Oded Shoseyov, co-founder and Chief Scientific Officer of GemmaCert. “However, every cannabis flower is unique, differing in terms of composition and potency. That uncertainty challenges effective management for a variety of medical conditions and ailments.”
The Series A-1 round, led by NEO Ventures, Stony Hill, and Arba Finance, combined with additional seed funding from Aggrinovation, brings the company’s total funding to over $3 million.
“We will apply our entrepreneurial capital and global network to accelerate GemmaCert’s growth, as new EU markets continue to adopt medical cannabis legislation and recreational acceptance grows around the world,” said Pavel Ezekiev, Managing Partner of EU based investment fund, NEO Ventures.
“GemmaCert will contribute to setting the vital quality norms which will inevitably become standard practice in the Cannabis industry as already widespread across the health and nutrition world, creating a unique strategic growth opportunity in the fast-emerging cannabis market,” said Chris Bridges, President of Stony Hill.
GemmaCert, will be launched at the Emerald Conference, in San Diego, California in February 2018.
GemmaCert was founded in 2015, with the goal of delivering the world’s most convenient, reliable, and advanced analysis technology to the Cannabis marketplace, by Guy Setton, PhD, veteran of the nutrition and wellness industry, and Professor Oded Shoseyov, world-leading specialist in plant molecular biology, protein engineering and nano-biotechnology, with more than 160 scientific publications and 45 patents to his name. GemmaCert’s technology enables fast, affordable, and accurate cannabis flower analysis, available to commercial and home growers, labs, processors, and dispensaries. To date, the company has raised over $3M in funding and continues to push the boundaries of cannabis technology everywhere. GemmaCert is a private company headquartered in Israel.