ProfilePrint, a Singapore-based AI-powered food fingerprint platform, has announced the closure of its Series A funding round.
Investors include food ingredient conglomerates, namely Louis Dreyfus Company (Netherlands), Olam Food Ingredients (an operating group of Olam International Limited, Singapore) and Sucafina (Switzerland), a Southeast Asian agri-food conglomerate (Indonesia). Greenwillow Capital Management (Singapore) and Real Tech Global Fund (Japan) also co-invested.
The details of the agreement remain undisclosed. However, this round was closed to a valuation over 3x its pre-Series A, which was raised last year from Glocalink Singapore, Leave-a-Nest and Seeds Capital.
ProfilePrint plans to use the capital to expand the team, invest in R&D and increase its international expansion. It will leverage investors’ extensive network to expand and deepen its product offering, according to founder and CEO Alan Lai.
Read also: ProfilePrint’s AI tool predicts quality profile of a food sample “within seconds”, raises funding
A food ingredient search engine, ProfilePrint, claims that it can predict the quality and profile of a food sample “within seconds”. With 5g of the sample, the analyzer achieves the unique fingerprint without destroying the samples. Sellers and buyers can objectively ascertain the agreed quality of a food ingredient in an online transaction.
Instead of packing labels, reports or QR codes, ProfilePrint analyzes the samples directly at the molecular level and can be used by supply chain stakeholders and retrieve real-time results from anywhere.
The startup first unveiled its fingerprint prediction technology in June 2021 at the auction of the Singapore Coffee Association, where it predicted the Q rating score, taste parameters and critical properties such as moisture and density for all the auctioned coffee beans.
Vivek Verma, CEO of the coffee business at Olam Food, said: “ProfilePrint’s technology can significantly accelerate the quality assessment process for the benefit of the entire value chain – from farmers to burners. We also see the potential in implementing this solution in addition to coffee and other differentiated food ingredients such as cocoa , nuts, spices and dairy products. “
ProfilePrint has implemented its solution globally in Europe, Africa, Latin America, China, Japan, Sri Lanka and Indonesia.
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