By Agatha Wong
When Food & Beverage Asia first featured The Growhub at FHA-Food & Beverage 2022, the company’s CEO and founder, Lester Chan, was excited to share how the company’s Web 3.0-enabled solutions will be able to support traceability and accountability in the global food supply chain. Now, a year later, the company has made significant strides in its solution offerings.
“The GrowHub has seen major developments over the last few months focused on bolstering our traceability and authentication capabilities,” shared Chan. “In recent months, we’ve been able to integrate artificial intelligence and machine learning into the suite of solutions we offer. In line with this, we’ve raised US$3m in funding in the first close of our pre-series B round. The funds will be allocated to further develop these solutions and help the company transition into becoming a holistic SaaS provider for the food supply chain. As we strengthen our technology capabilities, we’ve also announced a new chief technology officer, chief innovation officer, and board of advisor members who are all experts in blockchain and emerging technologies.”
Web 3.0 has always been something the company is passionate about, especially when it comes to ensuring the quality and provenance of ingredients and food products used by both manufacturers and consumers. While the food and beverage industry has always been slow on the uptake when it comes to legacy equipment and software, and integrating new technologies into their operations, the company is keen to demonstrate its benefits for the industry. And with the fresh funds acquired, The Growhub will be able to better tap into the potential of Web 3.0-enabled solutions for their customers.
Chan said: “Among all our solutions, Web 3.0 is one of the technologies we aim to strongly utilise in our core operations due to its decentralized and secured advantages. With the fresh funds, we want to make the most out of the opportunities available for our Web 3.0 blockchain solutions by maximizing their effectiveness throughout the holistic supply chain process. Additionally, our plug-and-play model enables us to identify, add, and scale partners in our ecosystem – whether technology solution providers or premium food brands who want to use these solutions.”
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