UbiQD secures $20M to scale quantum dot technology for agriculture and solar efficiency

By Agroempresario.com

UbiQD, a leading advanced materials company, has successfully raised $20 million in Series B funding to scale its innovative quantum dot technology across the agriculture and solar industries. The investment aims to drive greater efficiency and cost reduction in both sectors, providing farmers and solar energy producers with cutting-edge solutions that leverage the power of light optimization.

Phoenix Venture Partners led the funding round, with participation from Builders VC, Builders Vision, New Mexico Vintage Fund, and several other investors. The core of UbiQD’s technology lies in the use of quantum dots, which are nanoparticles that can transport electrons. When exposed to ultraviolet (UV) light, these dots emit various colors depending on their size. Smaller dots emit cooler wavelengths (e.g., blue light), while larger dots produce warmer wavelengths (e.g., red light).

Hunter McDaniel, founder and CEO of UbiQD, explained the platform’s simple yet transformative potential: “With quantum dots, you can make any color continuously by changing the size of the particles,” he told AgFunderNews. This ability to manipulate light opens up numerous applications across industries, from electronics to health, and most recently, agriculture and solar energy.

UbiQD’s journey in agricultural innovation began with UbiGro, a film embedded with quantum dots designed for use in greenhouses. This film, hung inside greenhouses below the existing roof structure, transforms sunlight into longer wavelengths that boost photosynthesis and plant growth. The technology has been incredibly popular, with UbiQD now selling it worldwide to greenhouse growers who are keen on enhancing crop yields.

“The UbiGro product has been well received because it can help optimize the light that plants receive, improving their growth potential without adding much extra cost,” McDaniel said. The company is also working to embed its quantum dot technology into greenhouse roofing materials, which typically require replacement every three to four years due to sun degradation. UbiQD’s product offers a direct replacement for traditional polyethylene films, with the added benefit of improved performance.

One of UbiQD’s major achievements has been developing a safer, more stable alternative to the toxic and highly regulated materials traditionally used to make quantum dots, such as cadmium selenide. This compound, a known carcinogen, can bioaccumulate in the human body, making it unsuitable for many applications. UbiQD’s new quantum dot materials use copper and indium in place of cadmium, creating a safer, more sustainable product that is also more stable when exposed to sunlight.

“We replaced cadmium with copper and indium, and the result is a material that lasts longer and is cheaper to manufacture,” McDaniel noted. “This is especially important in agriculture, where budgets can be tight, and the ability to integrate our technology without significantly increasing costs is key to success.”

Although the company initially focused on its greenhouse applications, UbiQD has expanded its platform to include solar energy solutions. In 2023, UbiQD increased its collaboration with First Solar, a leading manufacturer of solar panels, to incorporate its quantum dot technology into advanced solar modules. The company’s quantum dots work by shifting the light spectrum, helping solar panels capture more energy and improve their efficiency.

McDaniel highlighted the versatility of the quantum dot platform, stating, “In solar, we’re using fluorescence to shift the light spectrum. Instead of benefiting plants, we’re optimizing solar energy capture. The beauty of this platform is its adaptability—we can fine-tune the technology for different use cases.”

The integration of quantum dot technology into both agriculture and solar energy represents a major opportunity for UbiQD to drive cost reductions across industries. McDaniel noted that economies of scale gained from solar applications would allow the company to pass on savings to greenhouse growers as well, further enhancing the appeal of its products.

UbiQD’s success in lowering costs was evident in the rapid demand for UbiGro. “One of the reasons it sold out so quickly is that we passed on all the cost savings directly to the grower,” McDaniel explained. “Manufacturing costs have decreased significantly, and we’re able to sell the product at a fraction of the price of the original version. This has led to a massive surge in demand that we’re still trying to keep up with.”

The Series B funding will primarily be used to scale up UbiQD’s manufacturing capabilities. The company currently operates a pilot-scale facility, but plans are underway to build a larger production facility to meet growing demand. However, McDaniel noted that the location for this new facility has not yet been determined.

Looking ahead, UbiQD’s innovation in quantum dot technology holds the potential to revolutionize not only agriculture and solar energy but a wide range of industries where light optimization can unlock new efficiencies. With this latest round of funding, the company is well-positioned to expand its impact and help create a more sustainable future.