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| Headline |
On-line Cold Chain Monitoring of Perishables in Transit |
| Investment Stage |
Private Placement
Early-Stage |
| Sectors |
Transport/Distribution - Systems & Software
Food/Catering - Distribution
Transport/Distribution - Road
Transport/Distribution - Rail
Transport/Distribution - Marine |
| Deal Value |
4,500,000 |
| Currency |
Australia - Au$ |
| Country/Region |
Asia Pacific Australia NSW |
| Summary |
The company, based in Sydney, has successfully developed proprietary on-line cold chain monitoring technology using state of the art mobile phone infrastructure to report the condition of foods, pharmaceuticals and other perishables from degradation during road, sea and air transport. Since 2004 the company has raised over $5 million and has established corporate partnerships and relationships with a Meat Trade Association, an International Telecommunications Company, a Vehicle Tracking Operator and a Government Technical and Food Science Organisation.
Utilising modern wireless communications technology (not RFID) the system provides the automatic monitoring, actionable time-critical alarms and an independent audit trail necessary for food safety of perishable goods from origin to destination, as mandated by international standards, protocols and legislation. In Australia over five million people contracted food-borne illnesses last year, with two-thirds of these cases relating directly to temperature handling abuse of perishable products in the total supply chain.
Following comprehensive cold chain live trials with major Australian food manufacturers, logistics, retailers and food safety authorities the system was validated and endorsed by a Government Research and Food Science Organisation.
The company will initially use the funds raised to commercialise the service within Australia and New Zealand with expansion subsequently into major EU, North Asian and North American countries. The company has eight major Australian customers awaiting pilot projects and has already serviced the first of these customers over the first six of its twelve month contract with excellent results in terms of the transparency of the customer’s frozen interstate consignments.
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