Evigence Raises $18M for Food Freshness Tech, Aims to Cut Food Waste
In a world where food waste is a pressing issue, innovative technology is coming to the rescue. Evigence, a company specializing in sensors and data analytics to monitor perishable food freshness in real time, has recently secured $18 million in a Series B funding round. The funding, led by Chicago-based foodtech investor Cleveland Avenue and featuring participation from previous investors Planet Capital and Landa Ventures, aims to propel Evigence's mission of reducing food waste through extended shelf life and improved freshness monitoring.
Challenges in Food Freshness:One-third of all food produced is wasted, with a significant portion occurring at home due to a misunderstanding of sell-by and best-before dates. These dates don't guarantee actual food safety, as temperature and storage conditions are not continually monitored. Small temperature fluctuations can significantly affect the shelf life of refrigerated products, leading to food waste.
Evigence's Solution:Evigence has developed a "Freshness Management System" that can be applied at the individual unit level. Sensors are placed on food products, allowing them to be digitally scanned throughout the supply chain and read by the naked eye. This system provides real-time data on temperature changes, offering insight into a product's freshness level. Businesses can use this data to optimize product usage, ultimately reducing waste.
Consumer Engagement:Evigence's system isn't limited to businesses; consumers can also benefit. A recent partnership with Marley Spoon By Martha Stewart involves applying sensors on postcards in meal kits. Consumers can scan these sensors with their phones to receive a freshness guarantee and ensure compliance with food safety standards.
Future Prospects:The $18 million funding round reflects growing interest in Evigence's technology. By reducing food waste, optimizing supply chains, and enhancing transparency, Evigence aims to create a more sustainable food system. Keith Kravcik, Chief Financial and Investment Officer of Cleveland Avenue, believes that Evigence's technology is pivotal for the food industry, offering significant cost savings and environmental benefits.
As technology continues to evolve, solutions like Evigence's freshness monitoring system are poised to make a significant impact in reducing food waste. With increased funding and growing interest, Evigence is on track to revolutionize the way we manage food freshness, benefiting both businesses and consumers alike.