Yoav Levy co-founder CEO Evigence Sensors (Facebook)
Evigence, an Israeli startup that provides first-time freshness data to optimize the freshness of foods, raised $18 million in a Series B round of funding led by Cleveland Avenue and included previous investor Landa Ventures, as well as Planet Capital, a privately-held partnership in Chicago.
Founded in 2001 Evigence Sensors focuses on developing and commercializing innovative, patent protected Time Temperature Indicators that meet the needs of industry mega trends and provide information regarding the traceability, safety, health and wellness of a product. Time Temperature Indicators are designed to visually indicate the true shelf-life of the product they are monitoring. They can be calibrated to suit all food and beverage types, whose shelf lives are affected by temperature, including proteins, produce, dairy products, baked goods and more.
Food waste is a major problem throughout the world. Supermarkets everywhere throw out any items once it has passed its expiration date. More often than not, the packaged foods are still edible. But company policies require their disposal so as not to risk any civil actions related to the distribution of spoiled foods.
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This prevents the donating of perfectly edible products to people in need. But it also has serious environmental consequences. The discarded products must then be processed as trash and eventually end up in landfills. Produce, dairy and meats may be biodegradable, but they release greenhouse gasses into the atmosphere as they decay. And the production and distribution of all that food which goes uneaten is a tremendous waste of resources and necessitates the use of energies which cause carbon emissions.
Evigence’s Freshness Management System combines sensors and data analytics to empower food brands, retailers, and foodservice to measure and manage the freshness of food in real time, at the unit level, from end-to-end across the supply chain.
“At Evigence, we aim to redefine the way the world manages fresh food”, said Evigence Founder & CEO Yoav Levy. “Today there is no objective way to measure freshness. Small variations in temperature during transit or storage can lead to waste of perfectly good food on one end of the spectrum, or problems with food safety on the other end. Date codes don’t account for these fluctuations. We want to change the paradigm.”
“Evigence’s technology enables the quantification of freshness and comes at a pivotal moment for our food system”, added Keith Kravcik, Chief Financial and Investment Officer, Cleveland Avenue. “By adding transparency to food supply chains, we can reduce waste and inefficiencies, providing significant cost savings for foodservice companies, retailers and food brands.”
