SINGAPORE – DiMuto, a Singapore-based supply chain platform has raised an undisclosed amount of investment from government-owned venture firm, SGInnovate to help drive its expansion into new overseas markets.
Founded by Gary Loh, DiMuto creates end-to-end supply chain traceability along the agrifood supply chain. It leverages blockchain, internet of things, and artificial intelligence to help digitize the agrifood supply chain.
Through its solutions, the startup is aiming to solve the industry’s various challenges, including the staggering US$110 billion loss stemming from food safety breaches each year, 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,” said Hsien-Hui Tong, head of venture investing at SGInnovate.
“DiMuto seeks to tackle these issues with blockchain-based solutions that can bring greater transparency to the agrifood supply chain.
“This 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.”
DiMuto creates traceability for every single fruit as they move through the supply chain – from farms, factories, cold chain to distribution channels and end consumers.
Through its proprietary 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, effectively reducing disputes over quality and creating trust amongst trade parties.
The company claims to have tagged over 30 million fruits, as well as tracked and traced over US$100 million worth of agrifood trades to date.
Currently, DiMuto has presence in 7 countries including US, China, Indonesia, Australia and Mexico. The funding and support from the government-owned venture firm will expedite global growth for DiMuto in new target markets, the company said.
The new funding will enable the firm to tap growth in markets such as Europe and Latin America in the next few months.
“We would like to thank SGInnovate for believing in our vision to redefine trust in the global trade landscape,” Gary Loh, Founder and Chairman of DiMuto.
“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.”