SafeTraces, Inc., a Pleasanton, CA-based developer of food safety solutions, closed a $1.5m seed funding.
The round was led by Maumee Ventures, the VC arm of The Andersons, Inc., a diversified public company rooted in agribusiness.
The company intends to use the proceeds to accelerate product development, sales, and marketing. It plans to go to market with its first food safety solution by the end of 2016.
Led by Anthony Zografos, Founder and CEO, SafeTraces is advancing SafeTracersTM – invisible, edible, tasteless DNA barcodes – that are applied directly to the food (and not the cardboard) to enable producers, processors, and retailers to gain a higher level of food source and safety assurance.
The company is currently engaged with several national and global pilot customers that are actively using SafeTracersTM in production for tracing produce back to its origin, ensuring that raw materials are sustainably sourced, verifying the purity of olive oil and improving the safety of leafy greens and other fresh produce.
The technology is patent-protected with four issued US patents, two pending US patents applications, and two pending international patent applications.
FinSMEs
25/08/2016