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Startup Ripe.io Secures Finance For Its Block Chain Platform

September 11, 2018: 12:00 AM EST
Agritech startup, Ripe.io, received $2.4 million in financing from investors that include Maersk Growth and food innovation hub Relish Works. Established by two professionals from the finance industry, Phil Harris and Raja Ramachandran, Ripe.io seeks to use blockchain to address several problems that beset the food industry including fraud and food safety. Ripe.io’s first foray into blockchain technology was the Internet of Tomatoes that used sensor machines to collect information related to tomato growing. Harris claims that the food industry needs to undergo a ‘digitization event’ and that Ripe.io, with its blockchain platform, can enhance transparency for consumers by providing details about the food they are about to purchase.[Image Credit: © Ripe Technology, INC]
Jenny Splitter, "Ripe.io And Its 'Blockchain Of Food' Secures $2.4 Million In Funding", Forbes, September 11, 2018, © Forbes Media LLC
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