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Sorting Robotics, a Los Angeles-based industrial automation company for the cannabis industry, raised $2 million in debt financing from investment groups Kiso Capital and Prospeq.
The funds will be used to boost inventory to meet demand and accelerate sales and market penetration, according to a news release.
The terms of the deal were not disclosed.
Kiso is a financial-services company headquartered in San Jose, California; Prospeq is a Phoenix-based venture capital and private equity firm.
“The debt financing is crucial for Sorting Robotics, providing essential capital that drives our innovation without diluting ownership,” Nohtal Partansky, Sorting Robotics’ co-founder and CEO, said in a statement.
“It’s a strategic move that ensures our growth and enables continuous technological advancements to meet market needs.”
Debt financing increased in popularity in the cannabis industry last year because of low stock prices and improved creditworthiness.