Cannabi-Tech Closes Seed Funding Round to Help Fuel North American Launch of World’s First Fully-Integrated System for Non-Destructive Detection, Analysis, Quality Control and Sorting of Medical Cannabis Flowers
Israel-based Cannabi-Tech Ltd. (CBT), a pioneering provider of lab-grade medical cannabis quality control testing systems, today announced that the company has closed a seed investment round of $1 million, and appointed two new directors to its board. The round will support the North American launch of Cannabi-Tech’s fully-integrated testing platform for medical cannabis labs and dispensaries. The robust system features patented optical testing and advanced imaging tools for the industry’s most accurate quality control testing of medical marijuana flowers, along with integrated cloud database, sorting and labeling systems, traceable packaging, mobile apps, and more.
“We are on a mission to become the leader in the nascent North American market for medical marijuana testing, quality control and packaging systems, helping both producers and distributors provide patients with the level of stringent quality assurance we all expect from medical-grade products,” said Dr. Guy Setton, CEO and co-founder.
An FMG and soft commodities market veteran, Dr. Setton teamed up with Cannabi-Tech’s Chief Scientific Officer Professor Oded Shoseyov of the prestigious Hebrew University in Jerusalem to build and market Cannabi-Tech’s suite of products and services.
“Composition and potency of cannabis can finally be tested independently for each and every flower in a truly non-destructive manner within seconds,” said Professor Shoseyov, an acclaimed nanobiotechnology authority who has been featured on TED, authored more than 160 publications and holds dozens of patents. “This marks a major advancement in the efficiency, efficacy, and quality control for the exploding medical marijuana industry, and one that stands to benefit every supplier and every patient in this ecosystem.”
Connected Health markets experienced all time high investment and M&A activity in 2015 and 2016, according to Corum Group. The seed round, initially reported in Q3 2016 following the initial investment by the Agrinnovation fund, managed by Dr. Ido Schechter and backed by Yissum, the technology transfer company of the Hebrew University, now includes a group of institutionally experienced investors. Daniel Furman, Cannabi-Tech’s new chairman and founder of Arba Finance, an investment banking boutique, brings a wealth of experience in industry, finance and agriculture. Pavel Ezekiev, who also joins as a director, is a founding partner of NEVEQ, the early stage venture capital fund backed by London-based EBRD and EU’s European Investment Fund.