Lumachain, an Australian software as a service firm, has raised $3.5m (£3m) in a recent funding round spearheaded by CSIRO-linked Main Sequence Ventures. As reported by Business Insider, The Sydney, New South Wales-based company uses blockchain to find and track items in the food supply chain that could be unethically sourced products or products of forced labour.
Founder and CEO Jamila Gordon said: “The way goods move within the supply chain is still very basic, which means there’s still a lot of waste, inefficiency and risk. With growing demand for better quality food products and ethical and transparent business processes, plus a rising middle class across Asia, we see tremendous opportunity to improve the productivity, security, and safety of what we eat.”
The fundraising is held at a crucial time, the company notes, as businesses across industries are concerned about ongoing unscrupulous practices and want to make sure that they are not profiting from forced labour or other types of modern slavery.
Over the past month, Horizon Blockchain Games has led by Initialized – a venture fund started bv Reddit co-founder Alexis Ohanian, along with Golden Ventures, Polychain, Coinbase, Digital Currency Group, and Inovia Capital. Meanwhile Helium, an IoT start-up co-founded by the inventor of Napster, (£12m) in a series C funding round that was conducted by Union Square Ventures and Multicoin Capital.
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