Singapore’s ProfilePrint, a solutions provider to grade food ingredients using artificial intelligence (AI) technology, has added United States-based Cargill, one of the world’s leading global food suppliers, to its panel of strategic shareholders through its Series A funding round.
To date, the other strategic shareholders are Louis Dreyfus Company, Netherland-headquartered world leading merchant and processor of agricultural goods, Olam International, Singapore-headquartered major food and agribusiness company, Sucafina, Switzerland-headquartered multinational coffee merchant and Sinar Mas, Indonesia-based conglomerates that operates in business areas including food and agribusiness, as well as institutional venture capital funds, ProfilePrint said in a statement.
Together they will accelerate the company’s vision of establishing a common digital standard based on its patented food fingerprinting technology.
The funds will be used to invest in product development, talent acquisition and team expansion.
ProfilePrint said Cargill’s investment signals confidence in the Singapore-based deep-tech start-up, with its solution deployed in over 26 cities globally across five continents including North America, Latin America, Africa, Europe and Asia.
“Cargill continues to strengthen our solution and accelerates our vision of establishing ProfilePrint as the industry’s digital standard for food ingredients globally. Our solution allows users to ascertain the agreed quality of food ingredients in an online transaction, saving time and money by transforming the current onerous process of sending samples for physical checks,
“We enable our clients to co-create a sustainable ecosystem with their partners to overcome the challenges of supply chain risks, while increasing their competitive edge for growth and resiliency,” said Alan Lai, Chief Executive Officern and Founder of ProfilePrint.
ProfilePrint is an A.I.-driven predictive and prescriptive profiler, providing users with accessible, affordable, and portable solutions to ascertain and predict quality and profile of a food ingredient at the point of use, within seconds.
Today, an enormous amount of resources are required to physically grade food samples across multiple stages of the global supply chain. ProfilePrint’s solution redefines transaction standards, and offers sellers and buyers an unbiased reference point, expediting existing quality assessment processes – from the farm all the way to end-buyers.
“ProfilePrint’s digital food fingerprinting technology holds the potential to transform the global food ingredient supply chain, strengthening the sensory innovation capabilities of our ingredient portfolio without compromising on taste and quality. This can help Cargill deliver against our high standards for food quality and enable faster and more precise product development for our customers,” said Francesca Kleemans, Managing Director for Cargill’s Cocoa and Chocolate business in Asia Pacific.
Over the last six months, Cargill has completed successful pilots with ProfilePrint, which validated an array of practical applications of this disruptive technology across its portfolio of ingredients such as cocoa and chocolate, which will accelerate ProfilePrint’s strides in establishing cocoa as a core vertical, after strong traction in coffee.
“We warmly welcome Cargill joining our strategic shareholder ecosystem. Cargill’s investment and partnership further solidifies our investment thesis on ProfilePrint’s team and technology as the leading disruptive company in this market,” added Dr Wong Mun Yew, Managing Partner of Greenwillow Capital Management.