DiMuto, a Dublin-based trade tech solutions platform, agri-food startups have received an undisclosed amount of funding from the Singapore government-owned venture firm, SG Innovate. With the collaboration, SG Innovate will expedite global growth for DiMuto in new target markets.
DiMuto provides end-to-end supply chain visibility for global businesses. DiMuto uses blockchain, IoT, and AI in its trade solutions digitises the agri-food supply chain for data visibility and trade transparency to solve the industry’s challenges such as food safety breaches, that reportedly experienced a US$110 billion loss, as discovered by a 2018 World Bank study.
“Food security, safety, and provenance are some of the biggest issues in the global food system today. DiMuto demonstrates how Deep Tech can be applied in the real world to create an impact. We are excited to support them in their journey to expand to new markets and contribute to bringing safe and sustainable food for all,” said Hsien-Hui Tong, Head of Venture Investing, SGInnovate.
DiMuto creates traceability for every single fruit as they move through the supply chain – from farms, factories, cold chains to distribution channels and end consumers. Through its Digital Asset Creation devices (DACky), DiMuto tags each fruit and carton with QR labels and captures images of every carton.
Data such as relevant trade documents is then associated with the product information and uploaded onto its blockchained trade platform, reducing disputes over quality and creating trust amongst trade parties.
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“With data captured using our solutions, stakeholders in the agri-food supply chain are now able to solve key challenges such as food traceability, trade disputes, as well as trade financing,” said Gary Loh, Founder, and Chairman of DiMuto.
DiMuto is founded by executive chairman Gary Loh, who is also the Executive Chairman of First Alverstone Group.
To date, DiMuto has tagged over 30 million fruits and tracked and traced over US$100million worth of agrifood trades. DiMuto has a presence in 7 countries including the US, China, Indonesia, Australia, and Mexico, the new funding and strategic support from SGInnovate will allow DiMuto to further capitalise on its global growth momentum, and help drive further international expansion into new markets such as Europe and Latin America in the next few months.
SGInnovate, the backer, is a private limited company wholly owned by the Singapore Government that aims to build and scale Deep Tech startups into high potential companies with global impact. Its Deep Tech Nexus Strategy is focussed on adding tangible value to the Deep Tech startup ecosystem in two key areas – development of Human Capital and deployment of Investment Capital.
SG Innovate seeks to back entrepreneurial scientists through equity-based investments, access to talent, and business-building advice.
It focusses on emerging technologies such as Artificial Intelligence, Autonomous Tech, MedTech, and Quantum Tech.
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