Israel’s GemmaCert, a startup developing a device for cannabis analysis, has raised $2.25 million in funding from NEO Ventures, Stony Hill, and Arba Finance.
GemmaCert's first device, according to the company, makes it easier for anyone to quickly analyse samples of cannabis.
“GemmaCert helps overcome the current challenges posed by the heterogenous cannabis flower, paving the way for personalised and reliable dosing, and providing a solution for the unpredictability associated with cannabis effectiveness,” said Dr Guy Setton, CEO of GemmaCert.
The new funds will be invested in recruitment and business development with a view to hitting revenue this year.
The startup was founded in response to the growing number of countries and jurisdictions that have legalised cannabis. This has led to a burst in the number of cannabis-related startups, particularly in the US, per research from ArcView, which predicts that the global industry will grow 30% a year over the next two years.
“Achieving a consistent dose is crucial for optimal treatment and patient safety, more so as cannabis turns increasingly popular and acceptable,” explained Prof. Oded Shoseyov, chief scientific officer. “However, every cannabis flower is unique, differing in terms of composition and potency. That uncertainty challenges effective management for a variety of medical conditions and ailments.”
The investment will also help the company to adapt its growth in Europe to fall in line with changing legislation around medicinal and recreational use.