Swiss food-tech company SwissDeCode has secured an investment of EUR 1 million funding from the European Innovation Council (EIC) Fund, complementing the EIC Accelerator Grant previously awarded to the company. The start-up, which provides rapid and on-site food certification, is attracting investors from the global food and ag-tech panorama who actively support continuous advancements in the food supply chain.
Caring for the future of the Food Industry
Food sustainability, safety, and authenticity have been increasingly under the spotlight, as the industry is required to improve its processes efficiency to feed a growing population of more demanding consumers.
As a provider of innovative food quality monitoring solutions, SwissDeCode has raised the interest of global investors looking for breakthroughs in the food industry. Current members of the board include VisVires New Protein and EIT Food as board observers.
With the addition of the European Innovation Council (EIC) Fund, SwissDeCode believes it is bringing the right expertise on board, allowing the company to put its growth strategy in place while taking the needs of consumers and companies, and investors into account.
Brij Sahi, chief executive officer & co-founder of SwissDeCode, said, "The investment will be used to drive our growth in customer acquisition and new product development. In addition, as a Board member, we will leverage the network of the European Innovation Council."
José Fernando Figueiredo, EIC Fund Investment Committee member, said, "I am pleased to announce the EIC Fund is supporting SwissDeCode to build its innovative technology on food safety, monitoring and control in an innovative way, helping farmers and food manufacturers in identifying undeclared and undesired ingredients, viruses and contaminants. This shows the EIC Fund commitment to helping companies in tackling global challenges co-investing with other partners in promising solutions for the future".
Five years of innovation from farm to fork
Since its establishment in 2016, SwissDeCode has been working with agri-food companies and carefully listening to the industry's needs, requirements, and trends.
An example of this is the A2 Family of Tests, the world's first line of on-site testing solutions that validates the authenticity of A2-type milk and customers are highly seeking that at the global level. The technology was one of the 2021 World Dairy Innovation Awards finalists - Best manufacturing or technology innovation category.
Similarly, the development of an automatic, on-site device also brings rapid testing to companies dealing with large food volumes and throughputs, such as border control agencies, commodity traders, logistic companies, or food processing plants. A pilot program with a large, global commodity trader is currently in place to validate and refine the platform's usability.