USA – TruTag Technologies, a company that develops microscopic, edible barcodes to authenticate food and medications has raised US$7.5 million in its series C funding round.
TruTag said that the funding will be used to further further commercialize its technology and develop new solutions.
This funding round was led by Pangaea Ventures and Happiness Capital, which along with earlier rounds brings TruTag’s total funding to US$25 million.
TruTag Technologies maked tiny barcodes using nano-porous silica, a material that has received GRAS (generally recognized as safe) notice from the US Food and Drug Administration (FDA).
The TruTags are placed directly on products or in packaging to track it through the supply and logistics chain. When scanned, the barcodes provide information about the products including the manufacturer, lot numbers, authorized distributors.
The solution is used to deal with counterfeit products. TruTags have been used by PwC, which uses the company’s technology in its Food Trust Platform quality assurance program for Australian beef exports.
TruTag chief executive officer Michael Bartholomeusz, told TechCrunch that the company sees the most growth opportunities in industries, such as nutraceutical foods, pharmaceuticals and cannabis.
“TruTags material is an already approved excipient in pills by the FDA. Pharmaceuticals and food comprise a very large portion of the global counterfeiting problem, and given the very unique edible feature of TruTag’s solution, this is a core area of focus for the company,” Bartholomeusz said.
TruTags’ ability to be placed directly on products, its edibility and instant authentication differentiates it from other solutions. Bartholomeusz notes that other quality assurance tech include specialized symbols, inks and holograms.
“Pangea is excited to partner with TruTag and help the company expand its team and product portfolio,” Matthew Cohen, Pangaea’s director of technology, said in a statement.
“We believe TruTag’s edible barcode technology will help increase consumer confidence and ultimately save lives.
“TruTag is making our world better by utilizing compelling advanced materials and advanced material process innovations to combat rising problems such as drug counterfeiting.”
Trutag has completed studies which show that its tags can be applied to tablets and capsules without any changes to the manufacturing process.