Terrantic, the data platform for modern operations, for the food supply chain, announced the closing of its oversubscribed $3.5 million seed round.
Supply Change Capital led the round, with participation from York IE and Vitalize VC as well as existing investors Array Ventures. Terrantic will invest the capital to continue helping food processing companies minimize food waste and improve yield by optimizing their supply chain operations and ensuring their products reach their destination at their best quality.
“An optimized and data-informed supply chain is critical to enabling a sustainable food system. Operational efficiency and data insights within the supply chain — from food processing to agriculture to process manufacturing — are the keys,” said Noramay Cadena, managing partner, Supply Change Capital. “We are proud to be investing in Terrantic, whose technology will modernize operations for the industry and improve food system sustainability.”
Food waste is a major issue for food manufacturers, causing significant loss of time and money. Advances in data collection and the advent of matching learning models, however, have created a meaningful opportunity for the largely manual fresh food industry and their downstream partners. By connecting disparate data sources and providing context across siloed operations and organizations, Terrantic efficiently learns an organization's operations, optimizes planning and scheduling and enables peak operational efficiency.
“Our goal is for food processing companies to never have to review a business intelligence report or pay for data professional services again,” said Trevor Cox, co-founder and chief business officer, Terrantic. “We are proud to be at the forefront of this emerging market and look forward to using this funding to help more food processing companies become more productive.”
Columbia Fruit, Servico, the University of California Merced and many others rely on Terrantic’s AI-driven contextualization engine to solve for operative disruptions in food processing, increase shelf life and improve margins and throughput. In the United States alone, there is a $20 billion serviceable market for growers and food processors.
“Our technology is the nerve center that provides food processors with the end-to-end visibility and contextual execution they need to connect the food supply chain,” said Krishna Srinivasan, co-founder and CEO, Terrantic. “Our technology is the foundational operating system that has helped food processing companies increase shelf life by 20% and production throughput by 40%, and we are just getting started. Investments in improving our technology and sales engine will help us reach and change the operations of many more companies in the future.”
