SINGAPORE-BASED startup ProfilePrint has closed its "seven-figure" pre-Series A funding round, it said on Wednesday in a press statement.
The funding round saw the participation of agrifood-focused venture capital (VC) firm Glocalink Singapore, Japan deep tech VC Leave-a-Nest and Enterprise Singapore's investment arm Seeds Capital, and other strategic investors.
ProfilePrint said it will use the funding to further strengthen its patented technology, develop analysis solutions on its SaaS (Software as a Service) platform and expand its team.
The startup - which was co-founded in 2018 - developed a food ingredient analysis scanner which uses artificial intelligence technology to detect quality, taste profile and freshness.
Stakeholders in the ingredient supply chain, ranging from growers, collectors, wholesalers, manufacturers to retailers, are able to predict the quality profiles of food ingredients rapidly without human intervention nor destroying the sample.
ProfilePrint provides its food fingerprint solution to global food brands and manufacturers in Singapore, Malaysia, Indonesia, Vietnam, Sri Lanka, the US and China for rapid quality control, characteristic profiling and blend recommendation.
The startup also extended its technology to help trade show organisers during the pandemic by creating a virtual platform for exhibitors and trade visitors to ascertain the grade and quality of ingredients online without the need for physical samples.
One such event was the Future Tea Coffee Expo 2020 which saw the participation of over 65 exhibitors, 5,000 trade visitors from 80 different countries, it said,
The pre-Series A funding comes as the startup sees accelerated revenue growth and rapid business user adoption for its platform's food ingredient analysis subscription solutions amid the Covid-19 situation, ProfilePrint said.