The Israeli company Lusix, which specializes in the production of laboratory-grown diamonds, has been able to attract the French luxury goods group LVMH as an investor. The company has raised a total of $90 million (€86 million) in its latest round of financing, Lusix announced on Friday. In addition to the investment company LVMH Luxury Ventures, the investors also included well-known Israeli financiers such as the Ragnar Crossover Fund and More Investments.
Lusix intends to use the additional funding to advance its growth initiatives. In particular, the production capacities in Israel are to be expanded through the construction of a second production facility in order to meet “the increasing demand from its global customers and the entire industry” for so-called Lab-Grown Diamonds (LGD), the company said. Like the first Lusix factory, the new plant will be operated 100 percent with solar energy and will be operational as early as the summer.
The company was established under the umbrella of the Israeli digital printing pioneer Landa Group and spun off in 2016. According to its own statements, it is now one of the most important manufacturers of LGD. In addition to the production processes developed in-house, the completely solar-powered “diamond cultivation systems” would underpin Lusix’s leading position in the field of sustainability, according to a press release.