Press Release
Singapore’s ProfilePrint completes Series B fundraising, strengthening its position as the neutral A.I. Ingredient Quality Platform
Accelerating growth in serving global clients including the West and China amidst geopolitical tensions.
SINGAPORE, 14 December 2023 – ProfilePrint Pte. Ltd., a Singapore-based technology company effecting significant changes in the agrifood industry, has announced the successful conclusion of its Series B funding round. The round was led by Tai Partners and participated by four of its existing shareholders, showcasing a strong vote of confidence in ProfilePrint’s AI-driven ingredient quality platform, underpinned by its patented digital food Identity-as-a-Service (IDaaS) technology.
This infusion of capital marks a significant milestone for ProfilePrint, catapulting the company into a position of enhanced capability and influence. The funds raised will propel the continued expansion of ProfilePrint’s mission to revolutionise the onerous processes within the agrifood sector through the transformative power of artificial intelligence. Presently deployed in nearly 50 locations, across 6 continents globally, ProfilePrint’s platform is already making waves.
Kudrath Majid and her colleague replacing the traditional cupping method with ProfilePrint’s AI solution in Dar es Salaam, Tanzania
One example in the space of coffee is ProfilePrint’s rapid growth in East Africa. Cotacof, a leading Tanzanian coffee exporter, has benefited from ProfilePrint’s solutions since early 2022. They experience significant efficiency gains with ProfilePrint – by acquiring digital fingerprints of green coffee bean samples in less than two minutes, and generating AI-powered assessment reports within seconds. This streamlined process empowers the team to swiftly identify specialty-grade coffee for export, especially during the Tanzania Coffee Board’s weekly auctions. “Much appreciation to our management for introducing this technology and supporting us to achieve ProfilePrint’s Al-driven profiling. Its patented food fingerprinting technology provides users an accessible, affordable, and portable methodology to predict outcomes at the point of use, within seconds. I am happy to be part of the project, it has been an amazing experience for me.” shares Kudrath Majid, the Quality Assurance Supervisor of Cotacof.
LOOKING AHEAD: INNOVATION UNVEILED
Beyond coffee, ProfilePrint has rapidly moved into other verticals such as cocoa, tea, juices and edible oils, and will be launching its latest flagship feature, Verify, a groundbreaking addition to its platform designed to serve different verticals. This innovative tool enables clients to seamlessly send digitalised sample reports through the ProfilePrint Platform. This feature facilitates instant viewing and approval of sample quality, eliminating the cumbersome process of sending physical pre-shipment samples for evaluation. This enhances efficiency, and results in significant time and cost savings for all parties involved.
“We are deeply impressed by what the ProfilePrint team has accomplished in such a short period of time,” expressed Zhang Haitao, the founding partner of Tai Partners. “As the world’s leading AI-driven ingredient quality platform, ProfilePrint is playing a crucial role in transforming the entire agrifood industry through the use of AI technology. We are proud to be partnering with ProfilePrint to support its continued growth both in the West and China.”
GLOBAL EXPANSION AND NETWORKING
This latest investment solidifies ProfilePrint’s market leadership, positioning the company for further market penetration in existing regions. Evolving from a local standalone ingredient profiler, ProfilePrint is set to metamorphose into a globally networked ingredient quality platform. The upcoming Partners module will enable companies to connect seamlessly on the ProfilePrint Platform, forming online partnerships that transcend geographical boundaries. ProfilePrint believes that this network-enabled collaboration will elevate the sourcing and transacting processes to unprecedented levels.
Alan Lai, Founder and CEO of ProfilePrint, remarked, “Against the backdrop of escalating geopolitical tensions, ProfilePrint stays true to its fundamental mission of enhancing the buying and selling processes for agribusinesses, transcending geographical constraints. Situated in Singapore, a nation renowned for its political stability and neutrality in international affairs, ProfilePrint remains committed to preserving a stance of impartiality, cultivating trust among our international partners. Our dedication to the utmost security and privacy of our customers’ sensitive information, encapsulated in the digital fingerprints of their ingredients, is reinforced by Singapore’s rigorous data protection and privacy laws. Our recent attainment of the ISO 27001 certification stands as a tangible testament to the unwavering commitment we hold in this regard.”
The successful completion of this Series B round cements ProfilePrint’s position as an industry trailblazer and reaffirms its commitment to transforming the agrifood landscape globally with artificial intelligence. With ongoing innovation and strategic partnerships, ProfilePrint is poised to shape the future of the industry, one AI-driven solution at a time.
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ProfilePrint is an AI-driven ingredient quality platform powered by a patented digital food identity-as-a-service (IDaaS) technology. ProfilePrint synthesises complex molecular data of ingredient samples into digital fingerprints, rapidly predicting its identity and quality, helping agribusinesses to buy and sell better. Backed by the world’s largest food ingredient conglomerates and international venture funds, ProfilePrint is a Singapore-based company with a global footprint.
Tai Partners is a venture capital firm dedicated to investing in disruptive technology companies globally. The fund has a global team that spans across Silicon Valley and Shanghai which supports entrepreneurs who aim to transform global industries with their technology solutions, helping them break into the Chinese market and thrive on a global scale.