WATERLOO, Ontario, June 12, 2018 (GLOBE NEWSWIRE) -- P&P Optica (PPO) and Fulcrum Global Capital (FGC) have announced their partnership to accelerate the deployment of the PPO Smart Imaging System in the food processing industry. PPO’s patented technology addresses problems associated with food waste through the use of chemical imaging and machine-learning to detect foreign object contamination. The system helps ensure enhanced food safety by allowing food processors to find unwanted objects such as plastics, rubber, metal and paper in-line, at line speeds. The $3.1 million funding round will advance system development and deployment.
PPO’s hyperspectral imaging solution can actually see the chemistry of food as it moves along the processing line. This allows the Smart Imaging System to see information about food that has never been available to processors before. It represents a ground breaking, and complete solution to detect, identify, and remove many types of foreign objects, right from the production line. The proprietary system also uses artificial intelligence to provide insights about shelf life, product composition, flavour, fat content, quality variation and much more.
“For food producers there is simply nothing more important than ensuring the safety and quality of the product their customers eat. That is why PPO has worked diligently on this technology which we are excited to bring to the market,” said Olga Pawluczyk, CEO of P&P Optica. "It is a pleasure to be working with Fulcrum to expedite the vision we share and address this costly problem faced by the food industry worldwide.”
“Every year, hundreds of food products are recalled, with at least $5 billion of food wasted because of foreign object contamination and that number is increasing year-over-year,” said Kevin Lockett, Partner and CFO at Fulcrum Global Capital. “Food safety is an increasingly important part of the global food production industry and current technology practices result in tremendous waste within the industry. We believe PPO’s technology and approach has the potential to solve these issues for global food producers and are excited to be a part of a team that will both make food safer and reduce needless waste."
About P&P Optica
P&P Optica (PPO) has developed the industry’s first complete solution for detecting, grading and sorting food, in-line and in real time. PPO’s Smart Imaging System uses patented hyperspectral imaging with artificial intelligence to determine what’s in food. This allows PPO’s system to easily identify foreign objects, assess the quality and analytically grade the food. Food processors are under a lot of pressure to provide safer, higher quality food, and PPO’s System alleviates this pressure. Learn more about this fascinating technology at www.ppo.ca.
About Fulcrum Global Capital
Fulcrum Global Capital (FGC) is an early-stage venture capital fund investing in companies and entrepreneurs disrupting the global food production industry through the agriculture, animal health, and agtech markets. FGC is especially interested in companies with technologies and approaches which increases yields, reduces food waste, and/or makes food safer and more transparent. Based out of the Kansas City area, FGC invests both within the U.S. and across the globe. More information on FGC can be found at www.fgcvc.com.
For further information, please contact:
Sarb Rai, Marketing Manager
P&P Optica Inc.