TraceX Technologies, a blockchain-powered traceability platform that enhances food and supply chain transparency, has partnered with Liechtenstein-based CannSol, a nutraceuticals company that offers a range of high-quality nutritional supplements. Through this collaboration with TraceX, CannSol will offer traceability of each ingredient at every stage of the production of the product.
CannSol Science is a subsidiary of CannSol Holding that works with high-quality nutritional supplements in Liechtenstein, Europe. Their production chain comprises three companies, each in charge of a different stage of the manufacturing process. The raw materials, such as turmeric and ashwagandha extracts, are sourced from India and are then stored at their warehouse in Liechtenstein. The next few processes such as encapsulation, solubilization, and packaging, are carried out at different locations by different participants in the supply chain. Considering the number of stakeholders involved in the supply chain, traceability is crucial to ensure visibility and transparency in the supply chain and to build a credible product. TraceX's blockchain-powered traceability solution enables CannSol to have all the stakeholders on a common platform, thereby providing trust and transparency to all.
Dr Angelo Pidroni, chief executive officer, CannSol, "At CannSol, we take great care to provide authentic and high-quality products to our customers. A traceable product at every step creates transparency between us and the consumer, which is exactly what increases trust. This partnership with TraceX further strengthens our commitment to creating traceable and trustworthy products. With TraceX, each raw material and each final product is labeled with a QR code from the system. In this way, we can provide all the necessary data at any time. When the end customer scans this code, he sees a customized interface where they can trace the most important information about the product and its ingredients."
Commenting on the partnership, Anil Nadig, co-founder of TraceX Technologies, said, "We are happy to partner with a brand that is so focused on sustainability, purity and naturalness of the products. By offering traceability for their products, CannSol is redefining the farm-to-bottle story of the raw material extracts from the Indian soil to the European market shelves. A connected supply chain with transparency across the multi-stakeholders is the need of the hour and that is being realized with TraceX's Blockchain traceability platform."
TraceX's B2B SaaS subscription model works with companies across livestock, poultry, seafood, and agri supply chains. The company currently works with 30+ food companies.
The company has raised USD 1 million in pre-series A funding led by the NABARD-backed NABVENTURES Fund. The round also saw participation from Paipal Ventures, an early-stage family office investment fund, and from angel investor Sunil Kumar.