Thursday, October 19, 2017

SafeTraces Tags $6.5M For Food Tracking Technology

Pleasanton-based SafeTraces, which develops food tracking technology based on seaweed DNA, has raised $6.5M in a Series A funding, the company said this morning. The funding was led by the Omidyar Network, and also included UL Ventures, S2G Ventures, Maumee Ventures, City Light Capital, and Tuscan Management. SafeTraces' technology uses specially designed, edible, seawood-based DNA "tags" which the company uses as a "barcode" which can be directly applied to food such as produce, for food safety tracking. SafeTraces says it has now raised $8.5M in total for its technology, in addition to a new FDA SBIR Phase II grant for commercialization of its technology.