Agri-Food Trade Tech Solutions Platform DiMuto Secures Investment from SGInnovate
- Through blockchain, IoT and AI, DiMuto uses data from digitalising agri-food supply chain to solve agri-food supply chain problems such as food wastage, food safety and food sustainability
- The funding and support from the government-owned venture firm will expedite global growth for DiMuto in new target markets
Singapore, 2 December 2019 – DiMuto, a trade tech solutions platform that provides end-to-end supply chain visibility for global businesses, is the latest portfolio company under SGInnovate. DiMuto is backed by the Singapore Government-owned venture firm to tackle global trade and supply chain problems with its technology.
Using blockchain, IoT and AI in its trade solutions, DiMuto digitalizes the agri-food supply chain for data visibility and trade transparency, aiming to solve the industry’s various challenges, including the staggering US$110 billion loss stemming from food safety breaches each year, as discovered by a 2018 World Bank study.
“Food security, safety and provenance are some of the biggest issues in the global food system today. DiMuto seeks to tackle these issues with blockchain-based solutions that can bring greater transparency to the Agri-Food supply chain. This demonstrates how Deep Tech can be applied in the real world to create an impact. We are excited to support them in their journey to expand to new markets and contribute to bringing safe and sustainable food for all,” said Hsien-Hui Tong, Head of Venture Investing, SGInnovate.
DiMuto creates traceability for every single fruit as they move through the supply chain – from farms, factories, cold chain to distribution channels and end consumers. Through its proprietary Digital Asset Creation devices (DACky), DiMuto tags each fruit and carton with QR labels and captures images of every carton. Data such as relevant trade documents is then associated with the product information and uploaded onto its blockchained trade platform, effectively reducing disputes over quality and creating trust amongst trade parties.
“We would like to thank SGInnovate for believing in our vision to redefine trust in the global trade landscape. With data captured using our solutions, stakeholders in the agri-food supply chain are now able to solve key challenges such as food traceability, trade disputes, as well as trade financing,” said Gary Loh, Founder and Chairman of DiMuto.
To date, DiMuto has tagged over 30 million fruits and tracked and traced over US$100million worth of agrifood trades. With presence in 7 countries including US, China, Indonesia, Australia and Mexico, the new funding and strategic support from SGInnovate will allow DiMuto to further capitalize on its global growth momentum, and help drive further international expansion into new markets such as Europe and Latin America in the next few months.
At SGInnovate, we build and scale Deep Tech startups into high potential companies with global impact. We believe that hard global problems can be solved using Deep Tech, and Singapore, where we are based, is uniquely positioned to realise Deep Tech innovations that can tackle these challenges. Our Deep Tech Nexus Strategy is focused on adding tangible value to the Deep Tech startup ecosystem in two key areas – development of Human Capital and deployment of Investment Capital. With the support of our partners and co-investors, we back entrepreneurial scientists through equity-based investments, access to talent and business-building advice. Our efforts are prioritised around emerging technologies such as Artificial Intelligence, Autonomous Tech, MedTech and Quantum Tech, which represent impactful and scalable answers to global challenges. SGInnovate is a private-limited company wholly owned by the Singapore Government. For more information, please visit www.sginnovate.com
DiMuto is in the business of creating trust. We provide global supply chains with a trade technology platform built on 4Ts: Tracking, Tracing, Transparency and Trust – thus demystifying global trade and enabling collaborative commerce.
The DiMuto Track & Trace blockchain platform creates end-to-end trade visibility and forms building blocks for further value creation in trade financing, product marketing and data analytics. Since 2018, DiMuto has successfully tracked and traced over millions of pieces in produce and millions in dollars of trade value on our platform. We work with a global portfolio of clients in over seven countries and five continents.
DiMuto is founded by executive chairman Mr Gary Loh, who is also the Executive Chairman of First Alverstone Group. For more information, please visit www.dimuto.io.
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