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ProfilePrint Founder and CEO Alan Lai
ProfilePrint, a Singapore-based AI-powered food fingerprint platform, has announced the closing 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 agrifood conglomerate (Indonesia). Greenwillow Capital Management (Singapore) and Real Tech Global Fund (Japan) also co-invested.
The deal details remain undisclosed. However, this round was closed at a valuation over 3x its pre-series A 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 ramp up its international expansion. It will leverage the investors’ extensive networks to widen and deepen its product offering, according to Founder and CEO Alan Lai.
Also Read: ProfilePrint’s AI tool predicts quality profile of a food sample “within seconds”, raises funding
A food ingredient search engine, ProfilePrint claims it can predict the quality and profile of a food sample “within seconds”. With 5g of the sample, the analyser acquires 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 packaging labels, reports or QR codes, ProfilePrint analyses the samples directly at the molecular level and can be used by stakeholders in the supply chain, retrieving real-time results from anywhere.
The startup first unveiled its fingerprint prediction technology in June 2021 in the Singapore Coffee Association auction, where it predicted the Q-grading score, taste parameters and critical attributes 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 could significantly expedite the quality assessment process to benefit the entire value chain — from farmers to roasters. We also see the potential of deploying this solution beyond coffee and into other differentiated food ingredients of cocoa, nuts, spices and dairy.”
ProfilePrint has deployed its solution globally to Europe, Africa, Latin America, China, Japan, Sri Lanka and Indonesia.
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