Financing enables Lumachain to rapidly roll out its computer vision-based AI platform to the world’s largest meat processors to change how our food is produced for good
Lumachain, an end-to-end solution for food supply chains, today announced it has raised US$19.5 million in Series A funding, led by Bessemer Venture Partners with participation from existing investor Main Sequence. The company has also announced its first U.S. headquarters in Denver.
This investment will allow the company to accelerate the roll out of its world-first computer vision-based artificial intelligence platform at meat and food processing plants across the U.S. and globally. In addition, Lumachain will significantly scale up its team of computer vision and software engineers, and delivery and product experts from the meat industry. Over the next 12 months, the company expects to increase its U.S. team to approximately 30 personnel, as part of a global team of more than 100. Australian CEO and Founder Jamila Gordon will be based in Denver to scale up its U.S. team as it continues to roll out the platform to customers.
“Lumachain’s mission is to transform the global meat industry, for the good of our customers, their employees, and the planet. Today’s investment accelerates our ability to achieve this mission,” said Gordon. “Our computer vision artificial intelligence platform represents a huge step forward for the industry. Built in close partnership with the world’s leading meat and food processors, it creates a safer environment for workers, safer and higher quality food, and end-to-end transparency across the protein supply chain, driving improved ESG and environmental outcomes.”
Lumachain is digitizing the US$1.5 trillion global meat industry, to change how the world’s food is produced for good. Historically, the industry lacked visibility and data in plant operations and across the entire protein supply chain. The industry also suffers a severe worker shortage, and while plant operators are committed to embracing innovation, until now the technology options to do so have been limited, leading to incremental rather than transformational change. The Lumachain technology platform transforms how meat and food processing plants operate to improve food safety and employee safety, as well as increasing yields and quality.
Lumachain’s platform also drives improved Environmental, Social and Governance (ESG) outcomes, including improved animal wellbeing and end-to-end traceability data to enable positive change throughout the meat supply chain. The company’s unique ability to connect individual cuts of meat back to the animal they came from, and forward to the box they’re packed into, allows retailers and quick service restaurants to capture provenance and ESG information and share this with consumers to inform purchasing decisions. Lumachain also enables ranchers and other producers to be rewarded for producing high quality meat and embracing sustainable practices.
“We’re excited to partner with Lumachain to support their continued expansion, as they transform the global meat industry,” said Tess Hatch, partner at Bessemer Venture Partners. "Their technology platform and deep customer relationships are an impressive achievement already, at a time when innovation and ESG are top of mind in industry and society. We look forward to partnering in Lumachain’s continuing success.”
Foundation customers include world-leading meat processors Cargill, OSI and others, who together provide a significant proportion of the world’s beef, chicken and pork. Another key customer is Coles, Australia’s second largest supermarket chain.