INSUBCONTINENT EXCLUSIVE:
TruTag Technologies, a company that creates microscopic, edible barcodes to authenticate medications, food, vaping pods and other products,
has raised a $7.5 million Series C
The funding, led by Pangaea Ventures and Happiness Capital, will be used to further commercialize its technology and develop new
solutions.Along with earlier rounds, this brings TruTag’s total funding to $25 million
Its clients include PwC, which uses the company’s technology in its Food Trust Platform quality assurance program for Australian beef
exports.A high magnification of TruTag particles, each of is an edible “chip” that authenticates the product it is applied to.Called
TruTags, the company’s tiny barcodes are made out of nano-porous silica, a material that has received GRAS (generally recognized as safe)
notice from the U.S Food and Drug Administration, and can be placed directly on products or in packaging to track it through the supply and
logistics chain.TruTags are used with hyperspectral imaging technology, which is able to process much more wavelengths than other imaging
methods, so it can collect more precise and detailed data from an image
When scanned, the barcodes provide information about where a product was manufactured, lot numbers, authorized distributors and safe use.In
email, TruTag chief executive officer Michael Bartholomeusz, who holds a PhD in materials engineering from the University of Virginia, told
TechCrunch that the company sees the most growth opportunities in industries, such as pharmaceuticals, nutraceutical foods and cannabis,
that deal with counterfeit products from the black market or the “grey market,” including products from unauthorized suppliers.A
conceptual photo of TruTags’ technology.“TruTags material is an already approved excipient in pills by the FDA
Pharmaceuticals and food comprise a very large portion of the global counterfeiting problem, and given the very unique edible feature of
TruTag’s solution, this is a core area of focus for the company,” he says.For example, the technology can be used to lock vaping systems
so they only work with authentic vaping pods, helping reduce the number of counterfeit pods on the market
Bartholomeusz adds that TruTags is close to coming to market in the CBD space.TruTags’ ability to be placed directly on products, its
edibility and instant authentication in one to five seconds differentiates it from other solutions
Bartholomeusz notes that other quality assurance tech include specialized symbols, inks and holograms, though many of those products have
the disadvantages of being replicable by high-quality printers or relying on consumers’ ability to recognize them.In a press statement,
Matthew Cohen, director of technology at Pangaea, which focuses on investing in advanced materials technology, said “Pangaea is excited to
partner with TruTag and help the company expand its team and product portfolio
We believe TruTag’s edible barcode technology will help increase consumer confidence and ultimately save lives
TruTag is making our world better by utilizing compelling advanced materials and advanced material process innovations to combat rising
problems such as drug counterfeiting.”
