Vancouver-based Elevated Signals has raised $7.9 million CAD to fuel the expansion of its manufacturing operations software into new sectors.
The Series A round, which closed in November 2023, was led by Yaletown Partners, with participation from Third Kind Venture Capital, WGD Capital, Colin Harris, Raiven Capital, and Pareto Holdings. Elevated Signals co-founder and CEO Amar Singh told BetaKit that the company has raised $10.5 million CAD to date.
“The intent was always to take the technology back to food security and sustainable agriculture.”
– Elevated Signals CEO Amar Singh
Elevated Signals, which began as a resource monitoring tool for the cannabis industry, said that the capital will be used to diversify its customer base, incorporate artificial intelligence-powered predictive analytics into its platform, and add new leadership roles with experience in cleantech manufacturing and supply chain technology development.
Elevated Signals said that when it was founded in 2016 by Singh, CTO Benn Mapes, and COO Hardeep Shoker, most facilities from small to medium-sized manufacturing businesses were using fragmented systems of spreadsheets, paper, and legacy software to run operations.
The startup’s platform is aimed to modernize these operations by helping manufacturers track their operations with a digital dashboard. Users can track live inventory, link sensor data to the platform, and generate relevant reports for regulatory compliance and audits.
“We learned quickly that ease of deployment and the ability to support diverse processes was a top priority for our customers. Being able to quickly unlock access to manufacturing data, costs, and records, makes it possible to optimize operations, better manage product quality, and gain a clear financial picture,” said Shoker.
RELATED: NGen investing $32.3 million into 15 advanced manufacturing projects
Elevated Signals says it now serves a growing list of sectors ranging from controlled environment agriculture to natural health product manufacturing, critical minerals recovery, and mining, among others. Singh told BetaKit that breaking into new verticals helped the startup achieve substantial growth in 2023, increasing its team size by 30 percent.
While Elevated Signals broke into the market by serving the wave of large-scale greenhouses and indoor farms that were built following the Canadian government’s legalization of cannabis, Singh said he and the co-founders have always had a keen interest in using the technology to improve the environment, as well as food and water security.
“Elevated Signals was originally going to focus on irrigation optimization for greenhouses using IoT sensor technology […],” Singh said. “However, the intent was always to take the technology back to food security and sustainable agriculture such as indoor farming to reduce traditional agriculture’s water and land footprint, while creating more resilient food supply chains through better distribution of vegetable production facilities.”
Feature image courtesy Elevated Signals.
