Oritain, an origin verification company based in Dunedin, Aotearoa New Zealand, has successfully raised $57 million in funding. Led by Highland Europe and supported by existing investor Long Ridge, this funding round brings Oritain's cumulative funding to a total of $70 million USD.
Oritain specializes in utilizing forensic science to verify the origin of various materials. While its primary focus lies in analyzing food crops, its technology can also enable traceability across different industries, including textiles such as cotton.
The technology developed by Oritain allows customers and suppliers to authenticate the origin of their products, combat greenwashing practices, and ensure accountability in the supply chain. This solution spans across multiple sectors, including meat, fiber, horticulture, aquaculture, pharmaceuticals, coffee, eggs, and honey industries.
Numerous global companies, including Nescafe, Lacoste, Country Road, a2 Milk Co, and Sanford Fisheries, currently rely on Oritain's services. Over 100 other companies also utilize their technology to verify product authenticity, support their environmental, social, and governance (ESG) commitments, mitigate the risk of fraud and unethical practices, and safeguard their reputations.
Grant Cochrane, CEO of Oritain, highlighted the importance of understanding the origin of products, stating, "We are all products of our environment. In the case of food, there are a lot of different variables, but we're measuring things that create an indelible fingerprint."
In the past, Oritain faced skepticism and plausible deniability, as companies were hesitant to examine their supply chains. However, there has been a significant shift in recent years, with increased pressure from regulators, investors, and customers for full transparency.
Jacob Bernstein, Principal at Highland Europe and a new member of Oritain's board, expressed enthusiasm for the company's groundbreaking technology. He stated, "This ground-breaking technology is a dream solution for sourcing and sustainability leaders at the world's largest brands who can finally get to grips with the authenticity of their supply chains."
With the new funding, Oritain aims to expand its offerings both geographically and across various industries. The company seeks to meet the growing demand for traceability solutions and continue supporting companies in their efforts towards transparent and responsible supply chains.