Home Blockchain Ex-Qantas exec’s AI-powered blockchain provenance startup pockets $28m

Ex-Qantas exec’s AI-powered blockchain provenance startup pockets $28m

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Ex-Qantas exec’s AI-powered blockchain provenance startup pockets $28m
A former child slave who escaped Somalia’s civil war for a new life in Australia, where she started washing dishes for $5 an hour before becoming news director at Qantas, has raised 28, $3 million for its blockchain-based food supply chain. startup .

Jamila Gordon’s round of Lumachain has been led by US VC Bessemer Venture Partners as the company ramps up its US focus.

Lumachain previously raised $3.5 million in 2019, in a round led by CSIRO’s innovation fund, Main Sequence Ventures, after initially seeding for 15 months.

The idea started as a table conversation with friends in the meat processing industry and the lack of visibility into global meat supply chains, so there was no way to relate a cut of individual meat to the animal from which it came.

Gordon had built the Qantas spare parts tracking system and decided to tackle that problem too, launching her startup in 2018. She looked at a range of technologies as solutions, including DNA, RFID and isotope analysis, but decided Computer Vision- based on artificial intelligence (AI), combined with blockchain, smart devices and IoT was the best solution

The start-up offers transparency in global supply chains, tracking and tracing the origin, location and status of individual items in a supply chainin real time, from farm to fork.

Gordon believes tracking inspires farmers and manufacturers to create high-quality, ethically produced products, as well as reduce waste and increase efficiency to improve revenue and margins. Food waste is estimated at $1.5 trillion by 2050.

Lumachain was part of the first cohort of Microsoft’s Scaling Program and established a research partnership with CSIRO to develop a track and trace solution for slaughterhouses, co-funded by the federal government’s Kick Start grant program .

This focus on meat has seen the company sign Andrews Meat, Coles and US giant Cargill to use AI based on Lumachain’s vision to manage food safety down to traceability. The capital injection will be used to install this monitoring technology in processing and meat processing plants in the United States.

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