Growgenics

Growgenics aims to re-shape the horticultural lightning industry.

The company has developed a series of LED lights used to optimize growth for indoor plants.

With its lights, Growgenics is targeting three rapidly-growing markets, including:

The U.S. cannabis industry, projected to reach $24 billion by 2022, according to Arcview Research…

The indoor vertical food farming market, expected to surpass $6 billion by 2022, according to Market Research Engine…

And the greenhouse lightning market, projected to reach $29 billion by 2020, according to Markets and Markets.

The company is led by an experienced team. CEO Richard Genga, for example, holds 14 patents and has more than 35 years of experience in advanced product development. COO Robert Flynn spent 15 years as a senior executive of Cookson Group, a $3 billion, publicly-traded materials technology company.

Current indoor lights aren’t designed for plants. They generate excessive heat and waste significant energy.

Growgenics addresses these problems with lights that require 50% less power and produce 50% less heat than conventional lights, which is optimal for plant growth.

The company’s products feature what’s called “multi-shape LED lightning.” These lights can be configured in three shapes: linear, octagonal, and trapezoid. This helps contour the light to each specific plant, delivering increased energy and enabling growth in multiple directions. Growgenics has a pending patent on this assembly.

In addition, each light has a customizable spectrum of colors. Using Growgenics’ mobile app, growers can adjust the colors to manipulate the size, shape, and even taste of the plants to optimize growth. Each light is powered using low voltage, meaning it's safe to touch without risk of injury or shock.

Growgenics launched in 2015. Since then, the company has achieved considerable progress:

During two controlled cannabis flower grow tests, the company’s lights generated an average increase in cannabis yield of 111%…

Growgenics secured an initial order of $70,000 from a commercial vertical farmer…

And the company is in discussions with a major U.S. distribution partner.

To market its product, Growgenics will work directly with high volume commercial growers and distribution partners.

As opposed to competitors that sell a fixed number of lights, Growgenics will sell complete lighting systems. This means the company will analyze a customer’s needs, determine the necessary energy needed to maximize growth in a given area, and provide a customized solution with a series of light modules.

Growgenics has identified a National Director of Sales, who will join the team following this round of fundraising.

The company expects a full product launch in Q1 2019, and is projecting to generate $2.1 million in revenue over the next year. Future revenue projections include $4.3 million in 2020, and $10.2 million in 2021.

Long-term, Growgenics is designing additional lighting systems. These include lights with advanced environmental sensors that monitor temperature and humidity, and lights with integrated CO2 delivery.

Team Background

Robert Flynn - Chief Operating Officer

Robert is an experienced CEO who has spent his career in the manufacturing and technology industries.

He spent 15 years as a senior executive of Cookson Group, a $3 billion, publicly-traded materials technology company.

In addition, he owned four businesses and completed two successful exits, including Key-Tech, a printing company he acquired from Cookson Group and subsequently sold to another publicly-traded business.

For 11 years, Robert served as a managing member of United Brokers Group, a company specializing in M&A activity in the technology, marine, and manufacturing industries.

He earned a Bachelor’s degree in Economics from the University of Rhode Island, and a Master’s degree in Liberal Arts from Harvard.

Richard Genga - President & CEO

Richard has more than 35 years of experience in product development, with expertise in mechanical design, electronics, and industrial design. Throughout his career, he's been issued 14 patents.

Prior to starting Growgenics, he was Managing Partner of Acela Design, a company providing engineering and product development services to medical and healthcare-related businesses.

For three years, he served as Engineering and Operations Executive for R&D Technologies, a 3D printing company. In addition, he was Chief Engineer for cyberMDx, a technology company developing software for medical clinics.

Richard formerly worked as Director of Research and Development for Taco Incorporated, a manufacturer of pumps, valves, and controls for the Heating Ventilation & Air Conditioning (HVAC) industry.

He earned a Bachelor’s degree in Mechanical Engineering from the University of Rhode Island.

Hamid Pishdadian - Chief Technology Officer

Hamid’s background includes the fields of mechanical and electrical engineering, lighting technology, and control of advanced mechanical systems.

Prior to joining Growgenics, he was Chief Technology Officer of Power Metrics International, a manufacturer of energy-related products.

He previously founded General Sensors Inc., a company developing sensors for companies in the heating, agriculture, and marine industries.

Hamid earned degrees in Mechanical and Electrical Engineering.

Co-Investors