Loops.ai, an Israeli startup that provides a product growth platform, raised $14 million in Seed funding led by Scale Venture Partners. And fellow Israeli startup Clarifruit raised $12 million for new AI-driven tech to reduce waste in the fruit and vegetable industry, which is especially important as this helps with climate change by reducing wasted of energy in unneeded production and the need to deal with all the additional waste.
Loops.ai Raises $14 Million, Clarifruit raises $12 million for Produce Industry explains that fresh produce accounts for a large portion of global food consumption. But until now, fruit and vegetable fresh produce quality control and management methods have been mostly manual, subjective, and inefficient.
In addition, these quality assurance methods are not standardized and are subject to different inspection standards for different buyers. This leads to frequent quality mismatches across the fresh produce supply chain.
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Founded in 2017 by CEO ELad Mardix, COO Avi Schwartzer and CTO Ruby Boyarski, Clarifruit offers an automated, end-to-end quality control as a service (QCaaS) platform that the company boasts facilitates fast, objective, and consistent fresh fruit and vegetable quality control. By providing them with high-quality control data, it empowers growers, marketing companies, wholesalers, and retailers to make informed business decisions, reduce waste, and maximize profitability across the fresh produce supply chain.
“Since we launched our product 20 months ago, we have been able to make a significant impact and onboard tens of leading global players into our circle of clients that are now using Clarifruit’s advanced technology to automate their quality control and provide real-time info to reduce waste and maximize revenue opportunities,” said Elad Mardix.
“The market potential is almost infinite because all players in the industry, from the world’s largest retail chains to farmers, currently use manual and outdated quality control methods with limited data to base their decision-making,” he added.
Founded in 2020, Loops helps companies crush their Key Performance Indicators KPIs by identifying concrete opportunities from their data. We offer an easy-to-integrate platform that runs thousands of analyses and data science models across your data, proactively finds impactful growth opportunities and delivers them to your doorstep.
“I’m thrilled to see how companies use Loops, even in ways we didn’t imagine, with amazing impact on their KPIs. It’s thrilling to hear that Loops is helping them not only improve the way they work but actually contributes to their bottom line.,” said Loops CEO Tom Laufer.
“Most of the AI models in the industry are based on correlation, not causation. As companies try to make data-driven decisions, they’re actually relying on potential misleading insights,” added Tom Laufer. “By contrast, our models are based on causal inference methodology, enabling product teams to understand what leads to a certain increase or drop in a company’s KPIs. It’s a totally different approach that doesn’t waste resources on strategies and tactics that don’t work.”