FloVision AI (formerly FloWaste) today announced it has finalized a $270,000 pre-seed round of financing. FloVision AI food analytics platform leverages proprietary image recognition technology to enable cafeterias, fast food outlets, and quick service restaurants to minimize food waste. The food analytics platform empowers food service providers to refine portion sizing, ingredient combinations, and meal preparation to substantially lower waste and costs. The platform also serves applications within the food production industry.
The round was spearheaded by San Francisco-based Plug and Play Ventures, an international venture firm dedicated to supporting founders addressing some of the world’s most pressing challenges. Plug and Play was an early backer of PayPal, Dropbox, and 20 other unicorns, a designation for startup companies valued at over one billion dollars. Additional participants in the round include Elevate Ventures, RSLP Ventures, Flywheel Fund, Culvex Investments, and individual investor Angie Stocklin.
FloVision AI CEO Rian Mc Donnell says the investment will enable the company to build on its current sales traction and initiate paid pilots of its technology later this year. “We are grateful to the numerous investors who have chosen to support us at this early stage. It speaks to our commitment to solving the food waste challenge that we were able to unite Silicon Valley experience with Midwest grit, determination, and food industry expertise.”
Food waste represents a major global environmental, ethical, and economic challenge. At present, 1.6 billion tons of food is wasted annually. The United Nations’ Food and Agriculture Organization projects that annual food loss and waste will likely increase by a third by 2030, reaching 2.1 billion tons valued at $1.5 trillion.
Commenting on the announcement, Ian Rupert, managing partner at RSLP Ventures said, “By harnessing technology to reduce food waste across multiple segments of the food service and production industries, FloVision AI has the potential to address a multi-billion dollar global problem with implications for consumers, sustainability, and profitability. RSLP is pleased to partner with FloVision AI at such a pivotal stage in their business.”
To date, FloVision AI has arranged multiple pilots of their food analytics platform with a diverse range of customers, including well-known global fast food chains, corporate cafeteria management companies, a large European beef processor, and the U.S. Air Force. FloVision AI aims to complete a number of these pilots before fall 2021, at which point they intend to raise additional capital to scale the business in 2022.
“We are grateful to the numerous investors who have chosen to support us at this early stage. It speaks to our commitment to solving the food waste challenge that we were able to unite Silicon Valley experience with Midwest grit, determination, and food industry expertise.”
SOURCE Inside Indiana Business
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