Israeli lab-grown diamonds (LGD) producer LUSIX has announced the completion of a $90 million financing round from LVMH Luxury Ventures, Ragnar Crossover Fund and More Investments.
Rehovot-based LUSIX said that it would use the funds to expand production capacity in Israel with a second 100% solar-powered facility, which will commence production this summer, as well as other initiatives. The new facility will enable LUSIX to serve rising worldwide demand for LGD.
LUSIX was founded by serial entrepreneur and inventor Benny Landa, within Landa Labs, the science innovation and incubation platform of the Landa Group. LUSIX was spun-off in 2016 as a separate business around cofounder and CTO Dr. Yossi Yayon.
Over the years, LUSIX has become a world leader in the diamond growing process and its innovation and sustainability.
Landa, said: "We are thrilled and proud to welcome such high-profile investors, most notably LVMH Luxury Ventures, bringing their financial support and valuable industry insights. Their help will contribute greatly to our company’s success while the implications of this investment, both for LUSIX and for the lab-grown diamond segment, are profound - and so exciting!"
Published by Globes, Israel business news - en.globes.co.il - on June 10, 2022.
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