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Home / Knowledge / News / Textiles / Bext360 closes seed funding; expands into new verticals
Bext360 closes seed funding; expands into new verticals
06
Jun '18
Bext360 closes seed funding; expands into new verticals
Bext360, a Denver, US based company that develops technologies to streamline critical supply chains in emerging economies, has closed $2.15 million in additional seed funding, for a total of $3.35 million in total funding to-date. The company will be using the additional funding to expand into new verticals, including cotton, cocoa and timber.

SKS Ventures led the seed-funding round, with participation from Plug and Play Ventures, as well as individual angel investors, the company said in a press release.

Bext360, which launched in April 2017, offers traceability Software-as-a-Service (SaaS) platform, focusing on critical supply chains—providing a traceable fingerprint to track products from producer to consumer.

Additionally, the company produces the BextMachine, which leverages machine vision and artificial intelligence, IoT and blockchain technology from Stellar.org, to collect and analyse coffee cherries from its source through the supply chain, make electronic payments to coffee farmers, as well as provide complete traceability and critical data to improve the quality of the coffee supply chain.

Although Bext360’s technology can be applied to a range of commodities, the company has been focused on the coffee industry for the last 12 months. With the additional seed funding, it will apply its blockchain, Internet of Things (IoT) and artificial intelligence technology to new verticals like cotton.

The company is in the process of developing new patent-pending technology to analyse and trace the new commodities and will be announcing partnerships in these new verticals.

“Traceability is now taking a centrestage as a vital component of the supply chain process for all consumer good companies,” said Bext360 CEO Daniel Jones. “In fact, consumer demand for information transparency has become critical to a company’s ability to compete in the market. From a corporate social responsibility standpoint, global organisations want to be able to provide the level of traceability that consumers are demanding, but have not had the technology platform to do so, up until now. We’re excited to be stepping into this next phase of growth for Bext360, and look forward to working with our partners to help create custom technology solutions to enable their customers to understand the true origin, quality and sustainability attributes of the products that they purchase, whether it’s their coffee, seafood, or a new piece of clothing.” (RKS)

Fibre2Fashion News Desk – India


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