SafeTraces raises $10M in equity financing to deploy food traceability solutions
SafeTraces also plans to launch its second food safety solution, SaniTracers, by the end of this month.
SafeTraces, Inc., Pleasanton, Calif., closed a $10 million equity financing round led by S2G Ventures (Seed to Growth), Chicago, and Bunge Ventures, White Plains, N.Y. Other participants in the round included UL Ventures, New York, and Spero Ventures, Redwood City, N.Y.
"We are excited to close this round with the support of such an outstanding group of investors," says Anthony Zografos, founder and CEO of SafeTraces. "The growing demand for our suite of food safety solutions provides both validation and direction for our future growth."
The company intends to use the proceeds to scale the deployment of its solutions platform, sales and marketing. SafeTraces also plans to launch its second food safety solution, SaniTracers, by the end of this month.
"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," says 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."
"Traceability of food and feed ingredients is an increasingly important issue for participants all along the value chain," says Nanda Kumar Puthucode, managing director, Bunge Ventures. "The digital barcode technology of SafeTraces provides source transparency at the physical product level, helping strengthen value chain integrity."
"The SafeTraces technology can be used to help ensure sustainable sourcing, protect brands from adulteration and fraud and facilitate rapid resolution of foodborne illness outbreaks," adds Simin Zhou, vice president and managing director of UL Ventures. "The technology has broad applicability to commodities ranging from fresh produce and grains to oils and fibers."
The SafeTraces suite of food safety solutions uses FDA-approved, food-grade DNA technology to provide complete on-food traceability and sanitation verification.