An Orlando-based ultraviolet light technology company has attracted a New York-based investor and closed out a venture capital round that will help it continue its quick growth.
Violet Defense Group Inc. closed a $20 million Series B investment round, the company announced Nov. 2. Executives told Orlando Inno the capital will enable Violet Defense to bolster its product offerings in both its disinfection technology and agricultural lighting divisions.
It's tied for the sixth-biggest investment deal closed this year in metro Orlando, according to data from PitchBook, the National Venture Capital Association and the U.S. Securities and Exchange Commission. The round was led by Kirenaga Partners LLC, co-headquartered in Orlando and Bronxville, New York, and New York-based Katalyst Securities LLC.
Product and team expansions
Orlando Inno in September reported Violet Defense raised $6 million as part of this larger Series B round. At the time, Vice President of Marketing Jessica Jones told Orlando Inno the money would be invested in multiple areas of the company, including ultraviolet agricultural lighting subsidiary Violet Gro.
“This round will be used to support expansion of the team, international expansion of Violet Defense Group and increased research and development efforts across the portfolio."
Specifically, Violet Gro will develop new agricultural lighting designs and work with Colorado Mesa University to build an ag-tech research facility. Plus, Violet Defense will start work on a new disinfection platform called Violet Vision as it also pursues international partnerships in Asia, Australia, Europe and South America.
"Our Series B funding will further accelerate our ability to leverage our unique, patented technology to make the future brighter for generations to come," CEO Terry Berland said in a prepared statement.
The company's growth is important because it will create high-wage jobs. Although Violet Defense did not say how many people it may hire, the firm's full-time staff grew from four employees at the start of 2020 to 20 today.
Plus, other businesses may tap into Violet Defense's technology. For example, the company's disinfection tech will be used in the Orlando Magic AdventHealth Training Center that will open in 2022.
'Not fluff'
Kirenaga is a longtime investor in the company, as Berland also is a managing partner of the venture capital firm.
Meanwhile, Katalyst Securities was impressed by the testing and validation Violet Defense's technology has undergone, as well as the firm's leadership team and the fact it operates in multiple industries, CEO Michael Silverman told Orlando Inno. "They're not fluff."
Between January 2020 and March 2021, the firm’s revenue increased 10-fold, Berland previously told Orlando Business Journal.
Meanwhile, the company has landed big-name partners and customers. In addition to its work with the Orlando Magic, the company in 2020 landed a licensing agreement with lighting giant Acuity Brands Inc.
Violet Defense is making waves in a field that's growing steadily. The global ultraviolet disinfection equipment sector is projected to be worth $8.4 billion by 2028, up from $7.5 billion in 2020, according to an October report by San Francisco-based market research firm Grand View Research.
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