Singapore AI firm raises series B to help agribusinesses with sourcing

Photo credit: ProfilePrint

Singapore-based AI startup ProfilePrint has raised a series B funding round led by Tai Partners and four of its existing shareholders. The amount is undisclosed.

ProfilePrint helps agribusinesses make better buying and selling decisions through its AI and patented digital identity-as-a-service (IDaaS) tech. Its solution analyzes ingredient samples, predicting an ingredient’s identity – i.e. where it comes from – and quality.

The company is present in more than 50 locations across six continents worldwide, including China and most of the large markets in Europe and North America. East Africa is one of its main markets.

One client is Cotacof, a Tanzania-based coffee exporter that uses ProfilePrint to acquire digital fingerprints of green coffee bean samples as well as to generate assessment reports with AI to identify specialty-grade coffee for export.

Other than coffee, ProfilePrint is also present in the cocoa, tea, juices, and edible oil spaces. An upcoming feature called Verify can help clients send digitalized sample reports through the ProfilePrint platform.

With the recent funding, the company plans to turn its standalone AI tool into a globally networked solution.

“The goal is to standardize the platform globally, linking everyone involved in the supply chain – from the end-user to suppliers, their suppliers, clients, and clients’ clients,” ProfilePrint CEO Alan Lai told Tech in Asia in an interview. In other words, companies from all over the world can source from and transact with each other through ProfilePrint.

“The emphasis is on leveraging the funds to transition from isolated product versions to a unified and interconnected solution that serves the broader ecosystem,” Lai added. 

While headquartered in Singapore, revenue from the city-state accounts for less than 1% of the total, the CEO said. In Southeast Asia, Lai believes Indonesia has big potential.

“We can’t deny the speed, the size, and, more importantly, the adoption rate. Indonesians are tech-savvy – they’re willing to try new technologies,” commented Lai.

Last year in August, the company raised its series A round. At the time, Netherlands-based Louis Dreyfus Company (LDC), Singapore agribusiness corporate Olam Group, international coffee merchant Sucafina, and Indonesia’s Sinar Mas joined the round.

After series A, the company has tripled its workforce in the last one year. Lai said it was the biggest cash burner, as “70% of the company’s revenue goes into manpower.”

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