Veritide has closed NZ$1.5 million in capital financing led by Powerhouse Ventures (powerHouse). Veritide intends to utilise the investment to accelerate development of its food safety technology.
Veritide has developed fluorescence spectroscopy-based detection technology. Originally positioned for rapid on-site identification of anthrax spores in ‘white powder’ scares, Veritide and powerHouse have identified an opportunity for the technology to be applied to bacteria detection in the food industry. ANZCO Foods, one of New Zealand’s and the world’s premium meat processors, has seen the potential for Veritide’s technology and, as such, has vested some of its IP with Veritide. ANZCO Foods and Veritide are working together to trial the technology in ANZCO’s processing plants.
Food-borne bacteria cause significant health problems and food spoilage, costing the health and food processing industries billions of dollars per year. Existing bacteria detection methods are too slow and costly to allow rapid action to reduce these problems. Veritide’s solution provides real-time, accurate and reliable contamination detection on food, surfaces and people without the need for surface contact or consumables. Faecal detection on meat and general surface hygiene inspection are the key primary focus areas. This technology will provide quicker identification of contamination sources, reducing spoilage and product recalls for food processors.
“Food safety is a globally large and growing concern with many opportunities that investors are keen to be part of,” said Dr Craig Tuffnell, CEO, Veritide. “The support we have from our investors is a great boost for Veritide and will enable us to bring our food safety technology to market. We will continue our focus on surface hygiene validation and meat bacterial contamination detection and minimisation.”
Veritide was founded in 2006 by the University of Canterbury. Prior to the recent investment round, Veritide had received investment from Endeavour Capital, Ngai Tahu Capital, and CRIS Ltd (Canterbury Regional Innovation System, formerly Canterbury Economic Development Fund, CEDF). This recent round has seen further investment from CRIS Ltd and new investment by powerHouse No.3 Limited Partnership, New Zealand Venture Investment Fund (NZVIF), and both overseas and local investors.
Veritide was a finalist in the NZVIF Hi-Tech Pre-Commercialisation Company of the Year category at the 2013 NZ Hi-tech Awards and in 2012 was a Deloitte Fast 50 Rising Star finalist.
Veritide will use the investment to move the technology from a platform to prototypes and commission initial installations at reference customer sites.