SafeTraces, a US-based manufacturer of agrifood tracing devices, has closed a $6.5m series A round featuring subsidiaries of agribusiness The Andersons and standardisation and audit firm UL.
Maumee Ventures and UL Ventures were joined by impact investment firm Omidyar Network, venture capital firm City Light Capital, agriculture-focused VC fund S2G Ventures and institutional investor Tuscan Management.
Founded in 2013, SafeTraces has designed seaweed and DNA-based, adhesive barcodes that can track food quality and monitor sanitation devices. The product, branded SaniTracers, has been awarded a multi-year grant by US regulator the Food and Drug Administration to help advance its commercialisation.
The series A cash will help SafeTraces expand its sales operation and expedite product development. SafeTraces has now raised a total of $8.5m, it said, the latest round following a $1.5m seed round led by Maumee Ventures in August 2016.
Simin Zhou, managing director of UL Ventures, said: “SafeTraces’ commitment to advancing safety and transparency in the food supply chain aligns perfectly with UL’s mission of enabling safe living and working environments.”