FoodLogiQ, a SaaS provider of traceability, food safety and supply chain transparency solutions, together with a select group of customers, have announced the launch of a blockchain pilot. AgBiome Innovations, Subway®/Independent Purchasing Cooperative, Testo, Tyson Foods and others are partnering with FoodLogiQ to test the application of blockchain to raise transparency within their supply chains.
During the project, which is set to be launched by the tech company’s innovation arm FoodLogiQ Labs in Q3 2018, the pilot group will research the opportunities and challenges of this emerging technology within the food industry.
Dean Wiltse, FoodLogiQ CEO, said: “Over the years, input from our customers and partners has been invaluable in helping us make critical improvements to the features and functionality of FoodLogiQ’s products, and the same will be true with our blockchain pilot. As a technology pioneer with a legacy of success in enhanced traceability for the food industry, FoodLogiQ will be taking the lead on blockchain exploration within the food space.”
Chief Technology Officer of FoodLogiQ, Charles Irizarry explained: “Virtually everyone has heard the claim that blockchain will revolutionize business and redefine companies and economies, but it is in its infantile stage within the food supply chain. We are finding that companies are jumping into blockchain pilots without first understanding their business problems. We look forward to working with current and future blockchain pilot partners to help them navigate this complex landscape and collaborate on how blockchain can support their unique business.”
FoodLogiQ was formed out of Clarkston Consulting in 2006 following the implementation of a Canadian cattle traceability program. Shaping policy at the national level, FoodLogiQ has helped to define the Produce Traceability Initiative (PTI) standards and was an active technology participant in the FDA’s Pilot Projects for Improving Product Tracing along theFood Supply System.
The company has created FoodLogiQ Connect, a cloud-based supplier transparency and traceability solution that unlocks value across food company supply chains. Since then, FoodLogiQ has captured and tracked more than 10 million traceability events using the technology platform.
The FoodLogiQ Labs announcement comes after the company’s $19.5 million financing in March 2018 to accelerate FoodLogiQ’s expansion across the food industry. The round of financing includes strategic investors Testo, Inc., a global provider of HACCP solutions and IoT technology, and Tyson Ventures, the corporate venture subsidiary of Tyson Foods, along with Pontifax AgTech, a growth capital investor in food and agriculture technology, Nicola Wealth Management, a Canadian-based asset fund management and private investment counsel firm, and Greenhouse Capital, an investor in emerging businesses that promote health and sustainable living. The round was led by Renewal Funds when the mission-based venture capital firm invested in FoodLogiQ in September 2017.