Food traceability firm SafeTraces, has closed a $10 million equity financing round which it will use to launch SaniTracers, its second food safety solution by the end of this month.
The round was led by food and ag investment firm S2G Ventures and Bunge Ventures, the venture capital arm of agribusiness and food company Bunge.
The SafeTraces suite of on-food safety solutions uses FDA approved, food grade DNA technology to provide complete on-food traceability and sanitation verification. SafeTracers – invisible, edible, flavourless, digital DNA barcodes – are applied directly on or with food, enabling producers, processors and distributors to trace the food, not the just packaging.
Coupled with a blockchain or centralized code registry system, SafeTracers establish an unbreakable, scalable, cost-effective link with the physical object.
SafeTracers are read anywhere in minutes, providing an immutable, invisible way to protect product against adulteration, fraud, and intentional substitution.
“Given how complex the food system has become, it was expensive and nearly impossible for manufacturers and retailers to trace the source of their ingredients,” said Chuck Templeton, Managing Director, S2G Ventures.
“Now with SafeTraces, they can trace a product, not only back to the grower, but to the lot or batch, giving them confidence they are getting what they ordered.”
Nanda Kumar Puthucode, Managing Director, Bunge Ventures, said: “Traceability of food and feed ingredients is an increasingly important issue for participants all along the value chain.
“The digital DNA bar code technology of SafeTraces provides source transparency at the physical product level, helping strengthen value chain integrity.”