ProfilePrint, a Singapore-based A.I.-powered food fingerprint platform, quadrupled its clients in 12 months and closes Series A round comprising the world's largest food ingredient conglomerates
•ProfilePrint is seeing accelerated growth with four times more clients compared to a year ago for its A.I.-powered food ingredient fingerprint solution, driven by strong demand for specialty and traceable ingredients.
Investors in the latest round include some of world’s largest food ingredient conglomerates and leading institutional venture capital funds.
•Proceeds will go towards further strengthening ProfilePrint’s patented technology, expanding its team and establishing ProfilePrint as the industry’s digital standard for food ingredients globally.
SINGAPORE, 15 February 2022 – ProfilePrint, a patented food ingredient A.I. fingerprint platform, announced today the closing of its Series A funding round at a valuation over three times its pre-series A round last year. ProfilePrint is seeing accelerated growth with four times more clients compared to a year ago for its food ingredient A.I. fingerprint solution driven by strong demand for specialty and traceable ingredients globally. Backing this funding round are some of the world’s largest food ingredient conglomerates, namely Louis Dreyfus Company (Netherlands), Olam Food Ingredients (Singapore), Sucafina (Switzerland) and a Southeast Asian agrifood conglomerate (Indonesia), as well as international venture capital funds Greenwillow Capital Management (Singapore) and Real Tech Global Fund (Japan).
ProfilePrint is a food ingredient search engine platform powered by a patented A.I. fingerprint technology, rapidly predicting quality and profile of a food sample within seconds. ProfilePrint’s solution allows sellers and buyers to objectively ascertain the agreed quality of a food ingredient in a transaction online, transforming the onerous process of sending samples for physical checks, saving time and money.
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. This technology allows buyers to be more assured of its quality and profiles beyond the scores provided by the sellers (see video here).
Mr. Vivek Verma, CEO of the coffee business at Olam Food Ingredients (ofi) shared: “We are encouraged by the results from trials we’ve carried out in both green and soluble coffee using ProfilePrint. The 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.” Max Clegg, Head of Louis Dreyfus Company’s corporate venture capital program added: “ProfilePrint’s innovative approach to grading commodities has the potential to enhance operational efficiency, while removing an element of subjectivity in the supply chain. LDC Innovations is excited to partner with ProfilePrint, as they commercialize this technology.”
Despite pandemic-related travel restrictions, ProfilePrint managed to deploy its solution globally to Europe, Africa, Latin America, China, Japan, Sri Lanka and Indonesia. Mr. Nicolas A. Tamari, CEO Sucafina commented: “Sucafina has completed a pilot with ProfilePrint with positive results in Rwanda and Hong Kong, and we are honoured to have the opportunity to play a part in ProfilePrint’s mission to redefine the coffee industry, which benefits both producers and end consumers. We are excited about investing in ProfilePrint in partnership with Leman Ventures as it is a major step toward achieving our vision of having a fully traceable coffee supply chain and of being the leading sustainable farm to roaster coffee company in the world.”
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.
Attesting to the company’s impressive market penetration in spite of the pandemic, Dr. Wong Mun Yew, Managing Partner of Oriza Greenwillow Technology Fund commented: “It is our privilege to lead ProfilePrint’s Series A round, and to work alongside their leadership team comprising exited founders and leading scientists with proven track records. ProfilePrint’s ability to bring together the giants of the industry and work together to establish the global digital standard proves that they have achieved a significant milestone in their transformation journey.” Mr. Daiki Kumamoto, Venture Lead of Real Tech Global Fund, also commented on this milestone: “The rapid growth of ProfilePrint following the earlier investment in pre-series A round has further validated the company’s value proposition, and we are grateful to be a part of its further expansion into one of their core markets, Japan.”
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Ms. Nicolette Yeo
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ProfilePrint is a food ingredient search engine platform powered by a patented A.I. fingerprint technology, which synthesises complex interrelated parameters and sensory data into a single digital fingerprint, rapidly predicting quality and profile of a food sample within seconds. With 5g of the sample, the analyser acquires the unique fingerprint without destroying the samples and provide the results in real time. Instead of packaging labels, reports or QR code, ProfilePrint analyses the samples directly at molecular level and can be used seamlessly by stakeholders in the supply chain, retrieving real-time results from anywhere. For more information, please visit us at: www.theProfilePrint.com
About Louis Dreyfus Company
Founded in 1851, Louis Dreyfus Company is a leading merchant and processor of agricultural goods, leveraging its global reach and extensive asset network to serve customers and consumers around the world, and deliver the right products to the right location, at the right time - safely, reliably and responsibly. Its activities span the entire value chain from farm to fork, across a broad range of business lines (platforms) including Coffee, Cotton, Grains & Oilseeds, Juice, Rice, Sugar, Freight, Carbon Solutions and Global Markets. Active in over 100 countries and employing approximately 17,000 people globally, LDC helps to feed and clothe some 500 million people every year by originating, processing and transporting approximately 80 million tons of products. For more information, visit www.ldc.com.
OFI (Olam Food Ingredient) is a newly listed subsidiary of the Olam Group, a leading agri-business operating from seed to shelf in 70 countries, supplying food and industrial raw materials to over 23,000 customers worldwide. Our team of 70,000 employees has built a leadership position in many businesses including cocoa, coffee, cashew, rice and cotton. Headquartered in Singapore and listed on the SGX-ST, Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalization and is the only Singapore firm to be named in the 2009 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. For more information, visit www.ofi.com
Sucafina is a leading sustainable “farm to roaster” coffee company, with a family tradition in commodities that stretches back to 1905. Today, with more than 1000 employees in 32 countries, the Group is a leading player in the world of green, roasted, instant coffee merchanting. With its main trading arm based in Geneva, Sucafina sources coffee from most producing countries, often directly from farmers, to provide its partners with sustainable value across the global supply chain. For more information, please visit www.sucafina.com
About Greenwillow Capital Management
Greenwillow Capital Management is a Singapore-based fund and asset management company, with a primary focus on real estate and venture capital investments in Asia’s fast-growing emerging markets. For more information, please visit www.greenwillow.com.sg
About Real Tech Holdings
Real Tech Holdings is a joint venture between euglena Co.,Ltd (https://www.euglena.jp/) and Leave a Nest Co., Ltd. (https://lne.st/). It supports change makers who give their heart and soul to solve societal and environmental challenges. Real Tech Holding manages Real Tech Fund, Japan’s leading deep-tech focused venture capital fund. For more information, visit www.realtech.holdings