By THE NATION
Venture Hub adopts a one-stop-shopping approach in providing services and collaborating with entrepreneurs and venture capitalists to help them expand.
“This is a significant milestone for DiMuto because it strengthens our capabilities in using disruptive innovation to grow the global agri-food cold chain market in a bigger way,” said founder and chairman Gary Loh.
“With PwC’s deep expertise in helping companies expand, we are confident of accelerating our expansion worldwide, as we continue rolling out our Track & Trace blockchain to benefit more industry players. Now that we have stronger resources, we envisage a faster rate of market adoption for DiMuto, which is platform-agnostic and interoperable among the different blockchain systems currently used by the big global retailers.”
DiMuto’s Track & Trace, which digitises each fruit into a traceable digital asset, tackles key issues that are hampering global trade in the cold chain market, including financing, supply chain transparency, food safety and waste.
It also levels the playing field for small and medium-sized fruit businesses to compete with the big global brands.
As it stands, Thailand’s Queen Frozen Fruits and Australia’s Morning Glory Enterprise are now using Track & Trace to monitor durians and spaghetti squash, respectively. During its three-month trial between March and June, DiMuto has tagged 1.2 million durians, apples, avocados, lemons and oranges for firms in the US, Thailand, Mexico, Australia and China.
“In today’s business environment, innovation is no longer just nice to have,” said Patrick Yeo, Venture Hub leader. “Businesses in all industries need to constantly innovate in order to keep up with the pace of change. Strengthening traceability in the food supply chain through innovative technologies is in line with our purpose of building trust in society and solving important problems, and we are pleased to be working with DiMuto in this regard.”
Both parties intend to develop a trust framework for Track & Trace by establishing a set of principles to enhance safety and security in the food supply chain.