The Canadian Food Innovation Network is investing more than one million dollars into 13 food technology projects across Canada, including four based in British Columbia.
The investment—which will be matched by industry partners for a total of $2.4M—hails from CFIN’s Innovation Booster Program.
During this 12th round of Innovation Booster funding, CFIN received 66 applications. AI was a “key theme” of the round.
The four B.C. entities garnering capital are Lite-1, Miraterra Technologies, Stocky AI, and Sustainable Bioproduct Innovations.
Miraterra, which secured a seed round last year, is known for breakthroughs in Raman spectroscopy, a non-invasive technique that delivers rapid chemical and structural analysis of soil, plants, and food.
“This CFIN funding is instrumental in advancing our mission to revolutionize food quality testing,” commented Miayan Larose, Director of Chemometrics for Miraterra. “Our fluorescence-free Raman spectroscopy technology will provide food processors with unprecedented real-time insights into product quality.”
Lite-1 is a Vancouver-based startup developing bio-based colorants using micro-organisms that was recently named the winner of Web Summit Vancouver’s first-ever PITCH competition.
Stocky AI is developing an AI-powered supply chain optimization platform that transforms procurement operations for food retailers, restaurants, and distributors.
And Sustainable Bioproduct Innovations is scaling up the manufacturing of “Zr0Fat,” a plant-based fat replacer designed to mimic the functional properties of traditional lipids in food formulations.
“Zr0Fat exemplifies our commitment to empowering food manufacturers with a clean-label ingredient that delivers indulgent taste and robust functionality, without sacrificing health or sustainability,” stated Anika Singh, CEO of Sustainable Bioproduct Innovations.
CFIN head Dana McCauley says that these “innovative projects directly address key food industry challenges like volatile input costs, labour shortages, food waste, and rising demand for healthy, clean-label ingredients.”
“CFIN is proud to support the creative and ambitious companies doing transformative work that will fuel productivity, drive economic growth, and contribute to a more resilient, sustainable, and competitive Canadian food economy,” the chief executive officer stated.
To date, CFIN has awarded $19M (matched by $22M in industry investment) to more than 100 Canadian food-tech projects.
These CFIN-funded companies have in turn generated $90 million in economic impact and attracted more than $80 million in follow-on investment while creating hundreds of jobs.
“The Government of Canada is focused on supporting the development of cutting-edge
innovations to bolster an industry that is so important for our country,” remarked Melanie Joly, Canada’s Minister of Industry. “Through the CFIN Innovation Booster program, we are investing in future industry leaders that are the driving force behind new technologies, creating new jobs and ensuring Canadians have a more efficient, healthier and less wasteful food system to meet their needs.”
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