ProfilePrint secures Series A Funding led by Oriza Greenwillow Technology Fund
Singapore-based A.I.-powered food fingerprint platform, ProfilePrint has announced today (article date 15 Feb 2022) that it has raised its Series A funding round, with Oriza Greenwillow Technology Fund leading the investment round alongside co-investors from some of the world’s largest food ingredient conglomerates, Louis Dreyfus Company (Netherlands), Olam Food Ingredients (ofi – an operating group of Olam International Limited, Singapore), Sucafina (Switzerland), a Southeast Asian agrifood conglomerate (Indonesia) as well as institutional venture capital fund Real Tech Global Fund (Japan).
With this funding round completed, the company plans to use the proceeds to expand the team, invest in R&D to meet the growing demand for its services, and ramp up its international expansion. “With some of the world’s largest food ingredient conglomerates as strategic investors holding equal shares, we are now able to leverage their extensive networks to widen and deepen our product offering, while ensuring that we maintain our neutrality with the common vision to establish ProfilePrint as the industry’s digital standard for food ingredients globally,” said ProfilePrint Founder & CEO, Mr. Alan Lai.
Transforming Food Supply Chain Authentication
ProfilePrint was developed to address the fragmented food ingredient industry’s challenges of rampant adulteration, quality inconsistencies and taste inaccuracies. The company makes use of its portable ProfilePrint Analyzers to capture data rich chemical signatures in a single scan and combines the data with its patented A.I. fingerprint technology to rapidly predict the quality and profile of a food sample within seconds. By synthesising complex interrelated parameters and sensory data into a single digital fingerprint, ProfilePrint’s technology enables users to build more intelligent and resilient supply chains through the following use cases:
- Procurement: ProfilePrint’s digital fingerprints serves as an unbiased, third-party standard that empowers buyers and sellers to assess food ingredients and ascertain product quality rapidly between farmers, food ingredient suppliers, and buyer accurately and consistently.
- Incoming Product Checks: With just 5g of the sample, the ProfilePrint Analyzer is able to provide a comprehensive, rapid and non-destructive assessment for buyers and sellers for incoming ingredients to quickly uncover fluctuations in the consistency of incoming ingredients.
- Quality Control: Making use of the ProfilePrint Hub, users without prior technical training can self-create A.I. models by uploading pass / fail specimens onto the platform and training the data in a rapid and cost-effective manner. Production managers can then perform quality control checks on completed products using the rapid fingerprint scanning technology.
- Product Development: The ProfilePrint platform can further be used to build customized A.I. models to predict quality profiles or sensory parameters of unknown samples for profile prediction and blend recommendations, shortening product development cycles for new products.
Disrupting the Traditional Coffee Grading Sector
ProfilePrint first unveiled its A.I. fingerprint prediction technology in June 2021 at the Singapore Coffee Association auction, traditionally held in person but brought online due to the pandemic. As brewing and sending samples to the few thousand buyers participating from all around the world was practically impossible, ProfilePrint was commissioned as the neutral technology partner, to predict the Q-grading score, taste parameters as well as key attributes such as moisture and density for all the auctioned coffee beans.
Today, ProfilePrint Hub uses AI models trained by professional Q-Graders to ascertain the grade and quality of green coffee beans. With just a 50g of coffee bean samples, ProfilePrint can generate a digital report inclusive of cupping scores and other sensory perimeters. The solution serves as an unbiased, low-cost and highly effective digital grading system available for any user of the platform, including independent farmers and traders.
Beyond Coffee, ProfilePrint’s technology can be applied across multiple verticals of food ingredients in different form factors, such as tea, herbs and spices, food additives, and juices. This sets the company in a prime position to disrupt more food verticals, with the eventually the entire food and beverage industry.
Oriza Greenwillow Technology is excited to be a part of ProfilePrint’s next phase of growth. Dr. Mun Yew WONG, Managing Partner at Oriza Greenwillow commented, “It is our privilege to lead ProfilePrint’s Series A round, and to work alongside their leadership team comprising inspiring founders and leading scientists with proven track record. ProfilePrint’s ability to bring together the giants of the food industry to collaborate on establishing a global digital standard for measuring food quality is a significant milestone in their transformation journey.”