On Thursday, Illumitex Inc. revealed that it has managed to raise $4 million of its planned $5 million funding round. The company has yet to reveal as to where this new investment will be used for, but the company has been trying to raise money for the past couple of years. The company is known to sell light-emitting diodes for the agriculture sector and these diodes are customizable depending on the plants’ requirements. Using their products would also assist in reducing energy costs. With the legalization of recreational and medical marijuana in several states, the company is expected to reap benefits given the advantages of using its diodes to grow cannabis in perfect conditions.
Read more about this here: Austin company poised to grow with marijuana industry; millions more just rolled in from investors