Aromyx, Inc. Wins the Radicle Challenge at World Agri-Tech and Secures $250k in Seed-Stage Funding from Radicle Growth
Big Data Platform Digitizing Taste Scent and Taste to Present in the Start-up Technology Showcase to 1,200 Global Agribusiness Leaders, Entrepreneurs and Investors
Aromyx, Inc., a CA-based, big data start-up set to revolutionize agtech has been announced as the winner of the Radicle Challenge at the World Agri-Tech 2019 Pitch Day in San Francisco. Selected from a pool of eight finalists, Aromyx, Inc. has unlocked a $250k investment and mentoring from Radicle Growth.
Aromyx’s technology pioneered the creation of quantified, digital representations of scent and taste. This technology directly measures how odors and flavors are perceived by consumers and measures off-flavors or contaminants in raw materials to mitigate issues before they hit production lines. Aromyx’s proprietary database, Allegory, provides a basis for machine learning to analyze flavors and fragrances in a way that was not possible before.
“Their ability to digitize smells is unmatched and will have many applications throughout the ag and food value chains,” said Kirk Haney, Radicle Growth’s Managing Partner. “This big data platform is also a valuable resource for companies looking to tailor their offerings to consumer preferences, drive market adoption, control the quality of raw materials to prevent spoilage and increase efficiency in the food system overall. We are extremely impressed with Aromyx’s technology, team and the impact we can have by accelerating the development and adoption of this technology. We welcome Aromyx to our platform.”
Unlike the funding that most seed-stage companies have access to, the financial investment from Radicle is accompanied by a custom acceleration program. Through investing the amount they need to be successful at seed-stage, preparing them for their next round of funding, and providing them access to Radicle’s platform, Radicle will help Aromyx revolutionize one of the most important (but often most underplayed) aspects of the food system: a digital representation of taste and smell.
“Winning the Radicle Challenge is a major milestone validating Aromyx’s technology. While the technology has applications for a broad range of industries, agriculture is a primary focus and we see massive opportunities to disrupt current practices,” said Josh Silverman, Aromyx, Inc. CEO. “Bringing a disruptive technology to an established marketplace is not easy, and we are excited to be partnering with Radicle and their network to accelerate our development efforts and find the optimal product-market fits.”
The Radicle Challenge called on agtech and foodtech start-ups from around the world that have received a minimum investment of $100k or have gone through a recognized seed accelerator program to apply for investment. Hundreds of start-ups representing technology breakthroughs across ag and food applied to participate in the Pitch Day and the finalists (Agrospheres, AgTrace, EscaVox, Napigen, Tarfin, Traive, and Tulaa) received pre-Pitch Day coaching from Radicle Growth. Finistere Ventures, Nomad Technology Consulting, Corteva AgriScience and Bayer Crop Science had judges on the panel to help Radicle Growth select the winner.
Jennie Moss, Founder & Managing Director of World Agri-Tech organizer Rethink Events, added: “We are delighted to host this exceptional platform for agri-food tech entrepreneurs to raise their profile and present their breakthrough solutions to a wide range of agribusiness experts and investors, offering them opportunities for innovation and investment.”
For more information about the World Agri-Tech 2019 Pitch Day finalists, the Radicle Challenge and the summit itself, visit: https://worldagritechusa.com/radicle-challenge-2019-finalists/.