Lafayette, Colorado-based Front Range Biosciences, which specializes in cannabis tissue propagation, has raised $3 million in bridge funding which will be used to scale the company’s processes and help fund its expansion into California. The investment round was led by Phyto Partners, Salveo Capital, Sand Hill Angels, HBS Angels of NYC, NY Angels, Halley Venture Partners, Anthill Ventures, and Canopy Boulder.
The firm was one of 10 companies who participated in CanopyBoulder’s spring 2016 startup accelerator program.
Nick Hofmeister, co-founder of Front Range and COO, said the round exceeded the firm’s expectations.
“With the rapid growth of the commercial cannabis industry, there is increasing demand for improved cultivation practices for large-scale grow operations,” said Dr. Jon Vaught, CEO and co-founder, in a press release. “We plan to use our recent funding to scale our processes and keep up with this demand, while expanding into new cannabis markets.”
Brett Finkelstein, managing director at Phyto Partners, indicated that the Front Range management team is what attracted the investment firm to the bioscience company.
“[Front Range] has all of the right pieces for a successful business – a stellar team, clear differentiated offering, early customer validation, and a rapidly growing pipeline,” he said in a statement.
Front Range uses Next Generation Sequencing technology to create cannabis genetics maps which help develop commercially relevant traits in cannabis plants, including disease resistance, oil and resin yields, and desirable cannabinoid profiles.