Singapore-based supply chain platform DiMuto has raised an undisclosed amount of investment from government-owned venture firm SGInnovate. This will help drive its expansion into new overseas markets.
DiMuto provides end-to-end supply chain visibility for global businesses through its Track and Trace platform . It leverages blockchain, internet of things, and AI to help digitize the agrifood supply chain.
“Food security, safety, and provenance are some of the biggest issues in the global food system today. DiMuto seeks to tackle these issues with blockchain-based solutions that can bring greater transparency to the agrifood supply chain,” said Hsien-Hui Tong, head of venture investing at SGInnovate.
DiMuto’s proprietary digital asset creation devices tag each fruit and carton with QR labels. Data such as relevant trade documents are then associated with the product information and uploaded onto its trade platform, helping reduce disputes over quality and creating trust among trade parties.
The company claims to have tagged over 30 million fruits, as well as tracked and traced over US$100 million worth of agrifood trades to date. It has a global portfolio of clients in seven countries, including the US, China, Indonesia, Australia, and Mexico.
DiMuto plans to use the new funds to capitalize on its global growth momentum and drive its expansion into markets such as Europe and Latin America in the next few months, according to a statement.