Lumitics, a food waste technology startup based out of Singapore, has received US$557,000 in an oversubscribed seed funding round, co-led by the business angel and hospitality industry veteran Franck Courmont and ReadyVentures.
Other participating investors include Singapore-based Startup-O and Louise Daley, Deputy CEO of Accor Hotels Asia Pacific. Daley invested in his personal capacity.
With this, Lumitics’s (previously known as Good For Food) total investment raised to date has exceeded US$743,000.
The startup said it will use the fresh investments for further product development, expand its market share in Singapore, and bring its solution to regional markets with an aim to empower the hospitality and F&B industries to reduce their food waste.
The company was started in 2019 by Rayner Loi and Keshav Sivakumar, both young undergraduates who met during an accelerator programme. Lumitics offers Insight, a smart food waste tracker that leverages on sensors and their proprietary image recognition technology to weigh and identify what restaurants and kitchens throw away.
Insight integrates with any standard rubbish bin used in kitchens to measure, track, and identify food waste. Insight then generates essential data that enables F&B businesses to reduce their food waste, save costs, and improve their environmental footprints.