News in Brief
SafeTraces secures funding to accelerate product development
Omidyar Network led the investment round with investors including UL Ventures, S2G Ventures, Maumee Ventures, City Light Capital, and Tuscan Management.
The round brings total investment to $8.5m since the firm launched its food safety technology.
“[The investors’] expertise and understanding of market drivers in the global food industry are testament to the immediate demand for our solutions. Together, we will capture the market potential and build a great company," said Anthony Zografos, SafeTraces founder and CEO.
SafeTracers and SaniTracers use seaweed DNA-based tags that visibility into food origin and safety.
SafeTracers are invisible, edible, tasteless FDA-approved barcodes applied directly to food.
SaniTracers are food-safe DNA-based tags that behave like pathogens during produce sanitation and facility sanitization.
The FDA has granted SafeTraces a multi-year SBIR Phase II grant to advance commercialization of SaniTracers for verification of sanitation of fresh produce.
"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," said Simin Zhou, VP and managing director of UL Ventures.
Rob Veres, venture partner with Omidyar Network, said: "SafeTraces has a unique offering that we believe will have far-reaching benefits, ensuring the affordable integrity of food and other agricultural products."
