CubicAcres, a New York-based hydroponic vertical farming startup, has raised USD 3.7 million in funding via its partnership with Intelligent Growth Solutions (IGS), a UK-based developer of hydroponic vertical farms.

The funds will be used to expand CubicAcres' production capacity by 10x in response to the growing market demand for the company's lettuce production. The partnership will begin with the construction of a fully automated vertical farming facility on Long Island, with an expected capacity of one million heads of lettuce annually. With further automation "from seed to salad," the farm could potentially produce nearly three million heads of lettuce per year from an 11,000 sq ft production facility.

Analyst QuickTake: CubicAcres and IGS initially partnered in June 2022 to build the fully automated vertical farming facility in Long Island, New York. Upon the successful completion of the project, the two companies are also looking to extend their partnership to build more vertical farming facilities across the East Coast of the US.