LVMH Luxury Ventures has joined other investors in completing an investment round of $90m (£74.3m) in LUSIX, a producer of lab-grown diamonds (LGD), with other investors including Ragnar Crossover Fund and More Investments.
LUSIX will use this investment to fuel its growth initiatives, such as the expansion of its production capacity in Israel with a second 100% solar-powered facility, which will commence production this summer.
LUSIX said the new facility will enable the company to better serve the increasing demand for LGD, from its clients worldwide and from the overall industry.
The company was founded by 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 disruptive business relying on R&D foundations and experienced teams of experts, around co-founder and current chief technology officer (CTO) Yossi Yayon.
Benny Landa, LUSIX founder and chairman, 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.”