MONTREAL, Oct. 3, 2023 /CNW/ – Relocalize, the developer of the world’s first autonomous micro-factory for the food & beverage industry, announced today that it has raised US$2.5 million in the initial closing of a US$3.5 million seed round led by i4 Capital and Waterpoint Lane.
The proceeds from the round will be used to prepare Relocalize’s autonomous production platform for scaling and to solidify its leadership position as the industry’s first mover in distributed, hyper-local food & beverage manufacturing.
D. Wayne McIntyre, Co-founder and CEO of Relocalize, expressed his excitement stating, “This is a big step towards a truck-free future for our food system. It reflects both the urgent need to decarbonize food production and the high market demand for sustainable and affordable products.”
Also joining this round is RGS Ice, LLC, a California-based private equity investor focused on investments in retail and technology led by managing partner David J. Moore.
The new seed investors bring valuable expertise in cleantech, advanced manufacturing, and deep tech. i4 Capital is committed to building a prosperous and responsible future by championing innovative, disruptive technologies. Waterpoint Lane focuses on driving sustainability, social, and economic outcomes, shaping a positive future for our planet. The company is proud to collaborate with these pioneers in building a relocalized future for manufactured foods.
Tim Tokarsky, Founder & Managing Partner of i4 Capital, said, “We believe that Relocalize’s micro-manufacturing technology will help reinvent the way consumers access quality food and beverage products. The world’s first hyper-local micro-factory for packaged ice is just the beginning; numerous applications will leverage their disruptive manufacturing platform, directly cutting GHG emissions.”
Ben Gibbons, Founder & Managing Partner of Waterpoint Lane, said, “We are excited to partner with the Relocalize team to advance our shared vision for a more sustainable food system. By harnessing the potential of Relocalize’s technology, it becomes possible to both decarbonize and decentralize key segments of the food and beverage supply chain. Their approach is not just innovative; it is transformative, setting a new standard for the industry.”
In March 2023, Southeastern Grocers announced a partnership with Relocalize to pilot an autonomous micro-factory, known as RELO, at their Jacksonville distribution center. The pilot RELO is successfully producing the world’s first hyperlocal, certified plastic-negative packaged ice, on-demand for local supermarkets in Florida. Building on this achievement, Relocalize plans to install multiple new systems to further impact climate change mitigation.
The company recently received international recognition for sustainability innovation, winning major awards such as “Best Climate Change Innovation” at CogX and “Sustainability Product of the Year” by the Business Intelligence Group, alongside major brands like DHL, Honeywell, IBM, S&P Global Sustainable1, and Siemens. Relocalize’s recent accolades also include the Real Leaders Awards, the CDL-RBCx Innovation Prize, the CFIN FoodTech Next Award, Clean50 Top Projects, and the FoodTech 500.
Relocalize offers autonomous food production platforms as a service (PaaS) to grocery and convenience retailers. Positioned at retailer distribution and fulfillment centers, these micro-factories, known as RELOs, produce CPG products on-demand for 100–200 retail stores. Each RELO performs all the functions of a traditional factory but at approximately 1/20th the scale, aiming to disrupt the US$1+ trillion ice and beverage CPG market by eliminating 100% of transportation-related CO2 emissions and waste.
i4 Capital is a venture capital fund with over $40 million dedicated to early-stage, innovative companies developing disruptive technologies. I4 Capital focuses on innovative manufacturing/Industry 4.0, CleanTech, information technology, and advanced technologies, aiming to transform industries and economic sectors.
Waterpoint Lane is a venture capital and growth equity firm specializing in the agrifoodtech sector, dedicated to revolutionizing the global food system by investing in growth stage enterprises that are reshaping the way we produce and consume food.
SOURCE Relocalize
Featured image: DepositPhotos © Zolnierek
