Swiss biotech SwissDeCode closes the first venture round CHF 3.7M
SwissDeCode closes first venture round to accelerate development of technology for real-time certification of food authenticity and quality. The funding is led by VisVires New Protein (Singapore), with EIT Food (Belgium) joining the round
The new funding comes after a recent award of €2.5M in July 2020 from the European Innovation Council, and will be used to accelerate the development of a rapid on-site food testing and certification platform.
SwissDeCode has been present in the market with a variety of rapid, on-site testing solutions that are helping companies in different parts of the food supply chain to detect food contamination and adulteration, avoid food recalls and improve the trust of customers in their products. This includes successful collaborations with two of the largest food companies in the world.
Our solution will deliver a user experience equivalent to making an espresso coffee, and a certificate equivalent to those issued by laboratories.
Brij Sahi, CEO & Co-Founder, SwissDeCode
We have good early traction with customers and we know that there is an incredible untapped potential for our technology. We are honoured and thrilled that VVNP and EIT Food share our vision and are able to see this potential as well.
Team is now preparing to launch a fully-automated system that will perform the same test as laboratories, including certification, in a fraction of the time and directly at the point of need. The aggregated test data can be used for predictive analytics to optimize processes and build consumer confidence.
With slow testing, or even the lack of testing, being the norm today, it is not surprising that the global food industry spends an estimated US$40 billion a year in product recalls.
Kenneth Lee, Co-managing Partner, VisVires New Protein (VVNP)
SwissDeCode’s solution is timely in the face of increasing consumer and regulatory pressure on companies to improve their monitoring processes. We are confident that SwissDeCode has the potential to become the leader in rapid, on-site testing with certification.
A disruptive solution for the industry
The automated system, an on-site device which will be operated directly by the customer’s staff and does not require any laboratory equipment, analyses food samples and aims to provide ISO certified results in just 30 minutes.
This represents a great improvement for food companies who currently have to wait for labs to analyze their samples, a process which can take up to 7 days. The versatility of the platform, able to detect adulterated food, GMO, allergens, Coronavirus and other viruses, means that it can be developed to meet specific testing needs of companies.
At EIT Food, we believe that innovation is essential to help us develop a healthier, more sustainable and more trusted food system for all.
Benoit Buntinx, Director of Business Creation, EIT Food
SwissDeCode’s rapid on-site food analysis solution is an excellent example of the role entrepreneurs play in accelerating the transformation of the food system.
We are delighted to support them as a member of our RisingFoodStars network since 2018 and to now participate in this financing round with outstanding investors.