Red meat analysis and verification platform MEQ Solutions has raised US$15 million (A$23m) in a Series A from New York software VC Insight Partners.
The agtech startup began life in Adelaide in 2016, with its first product, MEQ Probe, going on to raise $500,000 in late 2018 for industry trials.
MEQ has built the world’s only integrated hardware and AI software system to measure red-meat quality and yield, digitising a process that up until now has been done manually subjective visual grading.
The $1.5 trillion a year global red meat market is one of the few international supply chains still relying on manual, subjective inspections.
The MEQ Camera at work
MEQ developed a range of tech products, including probes, cameras and analysis insights, using AI models and proprietary imaging to provide real-time data on quality, yield, and eating attributes of beef, all the way from live animal to the consumer product. Its video-based app, MEQ Camera, was recently certified by the United States Department of Agriculture for beef grading in a world-first.
The funding will be used to expand the team and deepen collaboration with industry partners.
Founder and CEO Remo Carbone said more opportunities are emerging to collaborate and unlock new value across supply chains.
“Insight’s investment will enable us to further support our partners and grow our teams to capture the opportunity in front of us, with a particular focus on operational excellence,” he said.
“We’re installing truth infrastructure for the red-meat industry, creating value, consistency and trust across the chain.”
Insight Partners vice-president Connor Guess said MEQ Solutions is well-positioned to be a category-defining company.
“Its combination of hardware, software and AI-driven analytics represents the next frontier for transparency, traceability and performance in food production,” he said.
