Crimson meat evaluation and verification platform MEQ Options has raised US$15 million (A$23m) in a Collection A from New York software program VC Perception Companions.
The agtech startup started life in Adelaide in 2016, with its first product, MEQ Probe, happening to lift $500,000 in late 2018 for trade 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 accomplished manually subjective visible grading.
The $1.5 trillion a 12 months world pink meat market is likely one of the few worldwide provide chains nonetheless counting on guide, subjective inspections.
The MEQ Digicam at work
MEQ developed a variety of tech merchandise, together with probes, cameras and evaluation insights, utilizing AI fashions and proprietary imaging to supply real-time knowledge 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 not too long ago licensed by the USA Division of Agriculture for beef grading in a world-first.
The funding might be used to increase the group and deepen collaboration with trade 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 help 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 fact infrastructure for the red-meat trade, 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 subsequent frontier for transparency, traceability and efficiency in meals manufacturing,” he mentioned.
