Axino closes 1.5 million seed round, including Momenta
Posted by Ken Forster
Axino announced this week that they have raised CHF 1.5 million in additional funding from a new strategic investor and from founding investor, Momenta.
Axino helps food retailers digitize and automate their food quality management process to comply with increasingly complex food safety regulations. Axino’s unique solution combines advanced sensor technology with patented AI algorithms to pro-actively monitor and predict the core temperature compliance of each refrigerated food category in retail stores.
Current retail food quality management processes are time-consuming and often inaccurate, contributing to food and energy waste. Food waste represents roughly $18.2 billion annually in lost value for retailers and has become a critical consumer topic. Working with industry leaders like Migros, Switzerland's largest retail company, Axino has proven that the easy-to-install Axino solution enables food retailers to significantly increase food quality, reduce food waste and energy consumption in its stores.
Axino also announced the addition of Thomas Busin to the Axino Board of Directors. Mr. Busin brings over 30 years of retail quality management experience. As a quality leader and visionary, Mr. Busin leads the implementation of the Axino food quality solution at many Migros stores in Switzerland.
Mario Vögeli, CEO of Axino, notes: "I am very pleased to welcome Thomas and the experienced strategic partners to Axino. They strengthen the Axino team substantially and are instrumental for us to scale out our Food Quality as a Service Solution in the retail industry.”
Ken Forster, Executive Director of Momenta, adds, "We are pleased to increase our funding for Axino. Their solutions are a triple win for retailers – helping them save costs and energy, meet stricter food standards, and to better serve their shoppers with fresher foods. This is truly a first critical step in the digital transformation of retail."
At Momenta, we are proud to support the achievements and successes of startups in the Digital Industry ecosystem. We previously interviewed Axino's CTO and founder Ihab Hurani for our podcast series "The Digital Thread". Ihab offered critical insights into key drivers and opportunities for Food Quality services; explaining how core temperature measurements are the future to fresh food quality and the solution to reducing food waste. We encourage you to listen to the exclusive interview and we wish Axino every success on their new stage of its journey.
Axino is the leader in smart retail, contactless, food quality solutions. Axino combines advanced sensor technology with artificial intelligence algorithms to remotely detect refrigerated food's core temperature in retail stores. To learn more about Axino, please visit https://www.axino.ai/.
Momenta is the leading Digital Industry venture capital firm accelerating digital innovators across energy, manufacturing, smart spaces, and supply chain. Led by deep industry operators across its venture capital, strategic advisory, and executive search practices, Momenta has made over 50 investments, with notable exits to SAP, PTC, and Husqvarna Group.