To assist agribusinesses with sourcing, AI startup ProfilePrint raised series B funding
A series B funding round led by Tai Partners and four of its current shareholders has been raised by Singapore-based AI startup ProfilePrint. The sum is not disclosed.
With its AI and proprietary digital identity-as-a-service (IDaaS) technology, ProfilePrint assists agribusinesses in making more informed purchasing and selling decisions. With the use of ingredient sample analysis, its solution can predict the identity and quality of individual ingredients.
China and the majority of the major markets in Europe and North America are among the more than 50 locations where the company has a presence across six continents globally. Among its principal markets is East Africa.
One customer is Cotacof, an exporter of coffee from Tanzania, which uses ProfilePrint to identify specialty-grade coffee for export by creating assessment reports using AI and obtaining digital fingerprints of green coffee bean samples.
In addition to coffee, ProfilePrint can be found in the juice, cocoa, tea, and edible oil categories. Through the ProfilePrint platform, clients can send digitalized sample reports with the help of an upcoming feature called Verify.
The company wants to use the new funding to develop its stand-alone AI tool into a globally networked solution.
“The goal is to standardize the platform globally, linking everyone involved in the supply chain – from the end-user to suppliers, their suppliers, clients, and clients’ clients,” ProfilePrint CEO Alan Lai told media. Stated differently, ProfilePrint facilitates global sourcing and commerce between businesses.
“The emphasis is on leveraging the funds to transition from isolated product versions to a unified and interconnected solution that serves the broader ecosystem,” Lai added.
Despite having its headquarters in Singapore, the CEO stated that less than 1% of the company’s revenue comes from the city-state. According to Lai, Indonesia has a lot of potential in Southeast Asia.
