CubicFarms-partnered project receives $1.2M from CFIN
The local agtech firm linked up with a Winnipeg-based company to put beef on the blockchain.
Photo credit: CubicFarms
After making a trio of investments in B.C.-based projects last year, the Canadian Food Innovation Network (CFIN) is dolling out the cash once again. Over $2 million is being invested in this latest round of funding and its marquee project has local connections: Langley-based agtech company CubicFarms is a partner. The local firm is lending its expertise to Winnipeg’s Theory Mesh for a project that CFIN is funding to the tune of CAD $1,287,025 — the round’s largest sum.
CubicFarms’ new era’s new era
The last two years have been a turbulent time for the company to say the least. The business’ high-water mark came in October 2021. CubicFarms ushered in a new era for the company and the agtech space with an event coined Agtech AMPLIFIED. The literal high-water mark came a couple of weeks later. The disastrous flooding in November across B.C.’s Fraser Valley hit close to home. Despite a handful of sales and partnerships, executive turnover then marked 2022 — including the departures of CEO Dave Dinesen and president Edoardo de Martin. Perhaps this new project is the start of some positive momentum.
Beef on the blockchain
TheoryMesh is partnering with CubicFarms and Abbotsford-based farm EcoDairy to create a traceable and transparent supply chain for beef and dairy. By connecting the entire beef and dairy supply chain, consumers will be able to pull up sustainability data on products using a QR code at grocery stores. Then, a pair of tech components take it to the next level. The blockchain will be used to store that data while machine learning will be used to optimize the supply chain for sustainability and ensure quality.
“Our team at TheoryMesh is excited to partner with CubicFarm Systems and EcoDairy to ensure that every step of the supply chain — from farm to package — is securely recorded and tracked, giving consumers confidence that they are purchasing high-quality, sustainably-raised beef and dairy,” said TheoryMesh CEO Chris Bunio. “In this project, TheoryMesh’s blockchain-enabled supply chain technology will integrate controlled environment agriculture with digitization to bring greater transparency and efficiency to the beef and dairy industry. We envision that this innovative approach will set a new standard for the industry and contribute to a more sustainable and responsible food system for all.”
Good things come in threes fours
This marks the fourth time CFIN has invested in a project with B.C. flavour. The seven-figure cheque, though, is the highest amount: