SINGAPORE-BASED startup DiMuto, which provides end-to-end supply chain visibility for the fruits industry, has secured an investment from government-owned venture firm SGInnovate. The sum was not disclosed.
This makes it the latest portfolio company under SGInnovate, the trade tech solutions platform announced on Monday.
DiMuto said the strategic support from SGInnovate will allow it to further capitalise on its global growth momentum. It will also drive further international expansion into markets such as Europe and Latin America in the next few months.
To date, DiMuto has tagged over 30 million fruits, and tracked and traced over US$100 million worth of agri-food trades. It currently has a presence in seven countries – which include the US, China, Indonesia, Australia and Mexico.
The startup will also look to tackle global trade and supply-chain problems with its technology. It uses blockchain, Internet of Things and artificial intelligence in its trade solutions to digitise the agri-food supply chain for data visibility and trade transparency.
"We would like to thank SGInnovate for believing in our vision to redefine trust in the global trade landscape," said Gary Loh, DiMuto founder and chairman.
Mr Loh is also vice-chairman and non-executive director of SunMoon Food, a fruits distributor.
SGInnovate head of venture investing Tong Hsien-Hui said that food security, safety and provenance are some of the biggest issues in the global food system today. Thus, DiMuto’s blockchain-based solutions would allow greater transparency to the agri-food supply chain.