A foodtech business based in Harrogate has secured £2.3 million in funding to help the business double the size of its software and data research teams.
The new funding includes £1.5 million from the Northern Powerhouse Investment Fund (NPIF). The remainder is made up from existing shareholders including Summit Alpha.
Authenticate Information Systems, whose tech platform is transforming the way food businesses manage their supply chain, can now create ten new jobs in Harrogate.
Authenticate was founded in 2013 with the aim of bringing greater transparency to the global food industry. Its unique software allows food businesses to track ingredients right back to the source and ensure they comply with all relevant standards.
The platform offers real-time compliance dashboards and benchmark analytics, and provides a more efficient way for them to monitor their supply chain in respect of food safety, environmental, ethical and social measures.
Authenticate already works with five of the top UK supermarkets and many leading global hospitality groups, and has more than 20,000 food companies worldwide registered on its database, including more than 75% of the UK’s food manufacturers.
The latest investment brings the total raised by the company to over £5 million.
“We are delighted to have secured this latest funding round, which demonstrates investors’ confidence in the potential of our technology,” said Authenticate CEO Paul Marples.
“Authenticate is changing the way the food industry looks at supplier compliance.”
Graham Davies, Investment Director at Mercia (which manages the NPIF fund), said: “Authenticate’s software is helping food companies to meet the ever-increasing burden of technical compliance.
“This latest investment will enable the business to further develop its technology platform and accelerate its global growth.”
David Dickson, Chair of Infrastructure and Joint Assets Board for the York, North Yorkshire and East Riding Enterprise Partnership, added: “Investment in this innovative technology brings multiple benefits.
“Food production is a central driver in our regional economy, this software will not only develop new jobs, it will help to drive transparency and efficiency across the sector, with benefits for suppliers and consumers.
“It’s great to see industry advancement being driven from within North Yorkshire with potential global impact.”