Cargill invests in food fingerprinting startup
Monday, 15 August, 2022
ProfilePrint, a startup that has developed technology to grade ingredients using molecular analysis, has received A1 series funding from food supplier and manufacturer Cargill. This is the latest link in a long chain of funding received by the Singaporean company.
Other investment has come from organisations including Louis Dreyfus, Olam International, SucaFina, Sinar Mas and Greenwillow Capital Management.
ProfilePrint’s technology allows food producers to evaluate the quality and profile of an ingredient quickly at the point of use. It relies on an AI model for predictive analysis. Cargill has worked to complete pilots with the technology, which is predicted to have an impact on how cocoa and coffee are grown.
Francesca Kleemans, Managing Director of Cargill’s Cocoa and Chocolate business in Asia Pacific, said: “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.”
Alan Lai, CEO and founder of ProfilePrint, said: “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.”
Dr Wong Mun Yew, Managing Partner of Greenwillow Capital Management, said: “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.”
ProfilePrint has won multiple awards for its technology, most recently taking home the Health Through Nutrition Award at Future Food Asia 2021.
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