Food technology company Evigence closes on $18M in investment funding
Food technology company Evigence has closed on $18 million in Series B investment funding.
The funding round was led by Cleveland Avenue and included previous investor Landa Ventures as well as Planet Capital, a privately held partnership in Chicago. The investors join prior partners including Food Retail Ventures.
Evigence combines sensors and data analytics to help food brands, retailers and food service companies measure and manage food freshness in real time, at the unit level and from end-to-end across the supply chain. Its services help to ensure food quality and safety, extend shelf life, reduce waste and improve efficiency.
“At Evigence, we aim to redefine the way the world manages fresh food,” Yoav Levy, founder and CEO, said in a news release. “Today there is no objective way to measure freshness. Small variations in temperature during transit or storage can lead to waste of perfectly good food on one end of the spectrum, or problems with food safety on the other end. Date codes don’t account for these fluctuations. We want to change the paradigm.”
This latest investment will enhance the company’s advanced data collection and analytics capabilities. The funds will also be used to launch additional commercial partnerships in the U.S. and Europe.
“Evigence’s technology enables the quantification of freshness and comes at a pivotal moment for our food system,” said Keith Kravcik, Cleveland Avenue chief financial and investment officer. “By adding transparency to food supply chains, we can reduce waste and inefficiencies, providing significant cost savings for foodservice companies, retailers and food brands.”