Varcode, the maker of patented digital, time and temperature sensitive supply chain solutions, announced today it closed its most recent round of funding with a syndicate of investors. The infusion of capital gives Varcode the ability to expand and fully commercialize its solution amidst growing demand and additional use cases.
Founded in Israel by CTO Yaron Nemet and Vice Chairman Dan Bergstein, Varcode delivers a new and improved way of ensuring cold chain integrity. The solution is mobile-first, cloud-based and blockchain enabled and is easily integrated into most supply chains via scanners or mobile phones. To bring the company’s technology to market, Varcode brought in Gian Fulgoni as Executive Chairman and Joe Battoe as CEO during the second half of 2019.
“We are the most economical choice for a fully digital solution in our field,” said Mr. Battoe. “As supply chains continue to adapt to a seismic shift in consumer behavior – our entire industry is under the microscope. Varcode ensures safe delivery of products, prevents distressed product losses, and enables its customers to meet or exceed regulatory requirements around the globe.”
“This funding is further evidence of the value of our solution” added Mr. Fulgoni. “Many of our new investors are experienced senior executives in allied industries and quickly saw the exceptional value proposition we bring. The unit economics of our components are completely disruptive to the industries we serve and integrates track & trace with temperature monitoring into a single solution. With this new capital, we have all the resources necessary to succeed in the market.”
Terms of the deal were not disclosed.
The name Varcode is short for variable barcode. Varcode has developed patented technology to enable scannable barcodes to dynamically change based on prescribed, configurable time and temperature threshold conditions. These smart barcodes can be scanned via any fixed or handheld scanner or even smartphone to capture location and time sensitive temperature data to Varcode’s cloud-based, blockchain enabled management system. The system provides real-time alerts via SMS and email to concerned stakeholders as well as providing comprehensive track and trace provenance for temperature sensitive products such as pharmaceuticals, biologic materials and perishable food products for safety and compliance purposes.