Lumachain, a Sydney, Australia-based AI supply chain platform, received a minority investment from Chipotle Mexican Grill (NYSE: CMG).
Chipotle Mexican Grill made the investment through its $100m Cultivate Next venture fund, which makes early-stage investments into strategically aligned companies that further Chipotle’s longer term growth plans to operate 7,000 restaurants in North America.
The amount of the deal was not disclosed.
Lumachain aims to improve how food is produced, for good. The minority female-founded company has developed a traceability solution that, in real-time, tracks the origin, location, and condition of individual items in a supply chain, from farm to table, enabling reduced waste and increased efficiency. Lumachain’s traceability platform is complemented by its Computer Vision AI platform that monitors operations inside food production plants, to improve quality, efficiency and safety.
FinSMEs
16/10/2024