N.THING

N.THING is a South-Korean hydronic-based vertical farming company offering a fully integrated vertical farming solution. The company’s flagship solution, “N.THING CUBE'', is a modular, container-based vertical farm that uses IoT, cloud computing, artificial intelligence, and data analytics. It also is equipped with a dedicated farming operating system, making it a decentralized vertical system. In January 2022, the company unveiled its up-to-date CUBE vertical farm for the global market. In addition to leafy greens, the system can also produce hemp. As of January 2022, N.THING is conducting R&D to introduce automation into its systems and for the addition of new crops such as fruits and vegetables. In October 2022, The company introduced its second vertical farm cafe in Incheon where diners can enjoy salads and ice cream while viewing the glass-encased cultivation room where ingredients are grown or shop for fresh vegetables, plant kits, seeds, and utensils.

N.THING claims that the system is capable of increasing yield up to 100x per unit area compared to traditional outdoor farms while using 90% less water. The company also sells its vertically farmed fresh leafy greens through its partnered retailer Emart (Korea’s largest hypermarket chain). 

The company operates its CUBE vertical farms in South Korean cities—Youngin, Andong—and is planning to deploy a new farm in Icheon by January 2022.  Furthermore, it is also reportedly conducting PoC projects for its vertical farm in Dubai and plans to expand commercially in the Middle East upon completing the project. 

Funding and financials

N.THING raised a total of USD 21 million in its last Series B funding round in October 2021. The funding was led by investors InterVest Co. and Kiwoom. The funds were raised to support the global commercialization of CUBE alongside expanding its portfolio. It was also used to accomplish its short-term goals, which included expanding its supply chain, operations, and its product lines locally and internationally.