The company has developed a computer vision-based software solution that can automate meat packing and sorting tasks, which it says will help the industry address worker shortages. The company has now raised $2 million in seed funding to continue developing its technology and expanding its team.
The funding round was led by Horizons Ventures, with participation from FoodX Ventures, Rumi Spice, and other angel investors. Lumachain plans to use the new capital to grow its team, expand its technology, and scale its operations.
“The global meat industry is facing significant challenges, including labor shortages, food safety concerns, and supply chain disruptions,” said Lumachain CEO and co-founder Justin Wang. “Our goal is to help the industry address these challenges with our computer vision-based software solution.”
Lumachain’s technology is designed to automate meat packing and sorting tasks. The company says its software can identify different types of meat, grade meat based on quality, and sort meat by weight. Lumachain says its technology can also be used to track meat throughout the supply chain, from farm to table.
“Lumachain’s computer vision-based software solution has the potential to transform the meat industry,” said Horizons Ventures managing partner James Cameron. “The company’s technology can automate meat packing and sorting tasks, which will help the industry address worker shortages. Lumachain’s technology can also be used to track meat throughout the supply chain, from farm to table. This is a valuable solution for the meat industry.”
The global meat industry is worth an estimated $1.4 trillion, and is expected to grow to $1.6 trillion by 2025.
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