Israeli medical cannabis startup GemmaCert has raised NIS 12 million ($3.5 million), the company’s CEO Guy Setton told Israeli financial daily CTech by Calcalist. which includes an award-winning cannabis potency testing device,
Co-founded in 2015 by Setton and Prof. Oded Shoseyov, GemmaCert developed a home kit to test the active ingredients content and cannabinoid levels of a flower bud. The device enables growers, dispensaries, labs, and home users to test and verify the composition and potency of an unlimited amount of flowers, without resorting to lab testing. Readings are then delivered to a proprietary smartphone application.
The testing device analyzes the total THC and CBD levels in a sample of cannabis, including levels in ground cannabis, dry flower buds, and CBD oil.
The device, created by Israeli product designer Eran Lederman, won the prestigious 2019 iF Design Award in the Medicine and Health category in Hamburg, Germany in March. The event is held annually and organized by the iF International Forum Design GmbH, with over 6,000 submissions from some 50 countries.
The funds were raised by investors from Japan, Latin America, and Europe as well as the Hebrew University of Jerusalem, which invested NIS 2 million ($573,000) through a provident fund for university employees.
Setton said the investment was made according to a post-funding company valuation of NIS 100 million ($28.6 million).
The company has said it aims to deliver a smart, simple, and sleek solution for everyday testing of cannabis potency without a specific skillset required for operation.