Press Release
ProfilePrint closes series A1 with Cargill, bringing five of the world’s largest food ingredient corporations together as investors
This will accelerate the company’s vision of establishing ProfilePrint’s digital fingerprint as a global standard for the industry.
SINGAPORE, 11 AUGUST 2022 – Singapore’s ProfilePrint, a pioneering solutions provider to grade food ingredients using A.I. technology, has added U.S.-based Cargill (one of the world’s leading global food suppliers), to its panel of strategic shareholders through its Series A funding round. To date, the other strategic shareholders are Louis Dreyfus Company (Netherland-headquartered world leading merchant and processor of agricultural goods operating in 100 countries), Olam International (Singapore-headquartered major food and agribusiness company operating in 60 countries), Sucafina (Switzerland-headquartered multinational coffee merchant operating in 32 countries) and Sinar Mas (one of Indonesia’s conglomerates that operates in seven business areas including food and agribusiness), as well as institutional venture capital funds. Together they will accelerate the company’s vision of establishing a common digital standard based on its patented food fingerprinting technology. Cargill’s investment signals confidence in the Singapore-based deep-tech start-up, with its solution deployed in over 26 cities globally across five continents (North America, Latin America, Africa, Europe and Asia).
ProfilePrint is an A.I.-driven predictive and prescriptive profiler, providing users with accessible, affordable, and portable solutions to ascertain and predict quality and profile of a food ingredient at the point of use, within seconds. Today, an enormous amount of resources are required to physically grade food samples across multiple stages of the global supply chain. ProfilePrint’s solution redefines transaction standards, and offers sellers and buyers an unbiased reference point, expediting existing quality assessment processes – from the farm all the way to end-buyers.
Over the last six months, Cargill has completed successful pilots with ProfilePrint, which validated an array of practical applications of this disruptive technology across its portfolio of ingredients such as cocoa and chocolate, which will accelerate ProfilePrint’s strides in establishing cocoa as a core vertical, after strong traction in coffee. “ProfilePrint’s digital food fingerprinting technology holds the potential to transform the global food ingredient supply chain, strengthening the sensory innovation capabilities of our ingredient portfolio without compromising on taste and quality. This can help Cargill deliver against our high standards for food quality and enable faster and more precise product development for our customers,” said Francesca Kleemans, Managing Director for Cargill’s Cocoa and Chocolate business in Asia Pacific.
Alan Lai, CEO and Founder of ProfilePrint adds, “Cargill continues to strengthen our solution and accelerates our vision of establishing ProfilePrint as the industry’s digital standard for food ingredients globally. Our solution allows users to ascertain the agreed quality of food ingredients in an online transaction, saving time and money by transforming the current onerous process of sending samples for physical checks. We enable our clients to co-create a sustainable ecosystem with their partners to overcome the challenges of supply chain risks, while increasing their competitive edge for growth and resiliency.”
“We warmly welcome Cargill joining our strategic shareholder ecosystem. Cargill’s investment and partnership further solidifies our investment thesis on ProfilePrint’s team and technology as the leading disruptive company in this market,” added Dr Wong Mun Yew, Managing Partner of Greenwillow Capital Management.
In June 2021, ProfilePrint was selected as the winner of the Cargill Health Through Nutrition Award at Future Foods Asia 2021 (Singapore). ProfilePrint also bagged numerous other awards, including winning the National Innovation Challenge for Supply Chain Resiliency 2020 (Singapore), International Grand Champion of Vietnam Startup Wheel 2021 (Vietnam), and 2nd runner up at the International Suzhou Jinji Lake Startup Competition 2021 (China).
The funds will be used to invest in product development, talent acquisition and team expansion.
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ProfilePrint is an A.I.-driven predictive and prescriptive profiler. Its patented food fingerprint technology provides users with accessible, affordable and portable solutions to predict outcomes at the point of use, within seconds. ProfilePrint’s solution allows sellers and buyers to ascertain the agreed quality of food ingredients digitally, expediting existing assessment processes and facilitating trade – from the farm all the way to end-buyers.
Cargill’s 155,000 employees across 70 countries work relentlessly to achieve our purpose of nourishing the world in a safe, responsible and sustainable way. Every day, we connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive. We combine 156 years of experience with new technologies and insights to serve as a trusted partner for food, agriculture, financial and industrial customers in more than 125 countries. Side-by-side, we are building a stronger, sustainable future for agriculture.