Purple meat evaluation and verification platform MEQ Options has raised US$15 million (A$23m) in a Sequence A from New York software program VC Perception Companions.
The agtech startup started life in Adelaide in 2016, with its first product, MEQ Probe, going on to raise $500,000 in late 2018 for business trials.
MEQ has constructed the world’s solely built-in {hardware} and AI software program system to measure red-meat high quality and yield, digitising a course of that up till now has been completed manually subjective visible grading.
The $1.5 trillion a yr international pink meat market is without doubt one of the few worldwide provide chains nonetheless counting on guide, subjective inspections.
The MEQ Digicam at work
MEQ developed a spread of tech merchandise, together with probes, cameras and evaluation insights, utilizing AI fashions and proprietary imaging to offer real-time information on high quality, yield, and consuming attributes of beef, all the best way from stay animal to the patron product. Its video-based app, MEQ Digicam, was lately licensed by the USA Division of Agriculture for beef grading in a world-first.
The funding shall be used to broaden the group and deepen collaboration with business companions.
Founder and CEO Remo Carbone mentioned extra alternatives are rising to collaborate and unlock new worth throughout provide chains.
“Perception’s funding will allow us to additional assist our companions and develop our groups to seize the chance in entrance of us, with a specific concentrate on operational excellence,” he mentioned.
“We’re putting in reality infrastructure for the red-meat business, creating worth, consistency and belief throughout the chain.”
Perception Companions vice-president Connor Guess mentioned MEQ Options is well-positioned to be a category-defining firm.
“Its mixture of {hardware}, software program and AI-driven analytics represents the following frontier for transparency, traceability and efficiency in meals manufacturing,” he mentioned.
