Proxy Foods, a provider of artificial intelligence (AI) technology for the food and beverage industry, has raised $2.3m for its recipe formulation AI solution.
The start-up, headquartered in Washington, US, aims to help food and beverage manufacturers solve complex challenges in flavour and nutrition by using its AI platform. Manufacturers can develop new products – or optimise existing product recipes – through the formulation solution.
Proxy’s platform leverages AI and precision analytics in response to the demand for sustainable food solutions and increasing consumer awareness around nutrition and animal welfare.
It aims to meet the needs of R&D teams, food scientists, product developers and chefs from multinational F&B manufacturers, alternative protein companies and novel pet food start-ups looking to streamline complex R&D processes by combining ingredient data and advanced machine learning algorithms.
The seed funding round was led by entrepreneur Ted Leonsis alongside other major investors from within the food industry including Richard Ware, who recently retired after a 35-year career at Mars. Ware will serve as board advisor for Proxy Foods.
Panos Kostopulos, Proxy’s founder and CEO, commented: “At Proxy Foods, we’re driving product innovation forward by merging cutting-edge technologies with the disciplines of food science and culinary arts”.
He added: “We’ve assembled an extraordinary group of people, characterised by high talent density and ethos, all driven to make a meaningful global impact and realise our shared vision. Our commitment is to pioneer a world where every recipe advances the aggregate wellbeing of all life and future generations.”
Kostopulos is a chemical engineer and food biotechnologist with a decade of experience in biotech, food R&D and product development. His areas of expertise include fermentation, plant-based and cell-based foods, bioengineering and conventional agriculture. He is also the co-founder of two nonprofit organisations focusing on the advancement of cellular agriculture and the expansion of food technology.
Alongside its Washington headquarters, Proxy has an additional office in Athens, Greece, and a global team spanning key US markets, UK and continental EU.
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March 25, 2024 at 05:51PM
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Proxy Foods raises $2.3m for AI recipe formulation platform - FoodBev.com
"food recipes" - Google News
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