Private equity firm Virgo Investment Group LLC, which backs disruptive companies, invested in Cincinnati-based 80 Acres Farms.
The terms of the transaction were not disclosed, but 80 Acres said the investment was significant. The company plans to use the investment to complete its automated farming facility in Hamilton, Ohio, which is the first of its kind in North America, according to 80 Acres.
Founded in 2015, 80 Acres uses a proprietary artificial intelligence-powered system to grow leafy greens, micro-greens and vine crops at indoor farms. It supplies its products to major U.S. grocers, food service companies, local retailers and restaurants from its facilities in Ohio, Arkansas, North Carolina and Alabama.