FoodLogiQ Launches New Innovation Lab
FoodLogiQ, the leading SaaS provider of traceability, food safety and supply chain transparency software solutions, announced the creation of FoodLogiQ Labs, a research and development hub dedicated to the acceleration of new products and solutions to meet the growing needs of the food industry.
The vision for the innovation lab is to help FoodLogiQ customers - both current and future - to capitalize on evolving technologies that solve problems and create new possibilities within their respective supply chains.
“Our decision to move forward with our R&D initiative via FoodLogiQ Labs is a natural progression of our reputation as a technology pioneer and first-mover in the food space,” says Dean Wiltse, CEO of FoodLogiQ. “Since 2006, we’ve based our business strategy on our ability to think differently, to forecast industry trends and to anticipate the long-term impact those trends will have on our customers. The creation of FoodLogiQ Labs will enable us to do that more efficiently and effectively, while still focusing on our core competencies in the process.”
FoodLogiQ Lab’s first focus will be on the evolving technology blockchain. “Blockchain is a topic of great interest in the business community, but it is in its infantile stage in the food industry,” says Charles Irizarry, FoodLogiQ’s CTO. “We are finding that companies are jumping into blockchain pilots without first understanding their business problems. Helping them navigate this will be one of our first priorities in the innovation lab.”
The FoodLogiQ Labs announcement comes on the heels of the company’s $19.5 million financing in March 2018 to accelerate FoodLogiQ’s rapid expansion across the food industry. The round of financing includes strategic investors Testo, Inc., a global provider of HACCP solutions and IoT technology, and Tyson Ventures, the corporate venture subsidiary of Tyson Foods, along with Pontifax AgTech, a pioneering growth capital investor in food and agriculture technology, Nicola Wealth Management, a Canadian-based asset fund management and private investment counsel firm, and Greenhouse Capital, an investor in emerging businesses that promote health and sustainable living. The round was led by Renewal Funds when the mission-based venture capital firm invested in FoodLogiQ in September 2017.
“At the end of the day, our innovation lab will help us further our mission of changing the food industry - specifically, to map the world’s food chain, make it as safe as possible, and empower people to make informed decisions about the food they eat,” says Wiltse. “It’s an exciting thing to watch that happen.”
The fast-growing food technology company is already dominating the foodservice industry, boasting a customer base that includes Buffalo Wild Wings, CAVA, Chipotle Mexican Grill, CKE Restaurants, Compass Group USA, Five Guys Burgers and Fries, IPC/SUBWAY, Panda Restaurant Group, Raising Cane’s and Tropical Smoothie Cafe. FoodLogiQ’s reach extends across the entire supply chain to include food manufacturers such as Hain-Celestial and Seal the Seasons, food retailers including Whole Foods Market, as well as hundreds of growers, co-packers and produce marketers. FoodLogiQ was also recognized in 2017 by Forbes Magazine as being one of the top 25 most innovative AgTech startups.
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