Richmond, VA, Nov. 11, 2020 (GLOBE NEWSWIRE) — The Center for Innovative Technology (CIT) today announced that Virginia Founders Fund (VFF) has invested in Rosslyn, Va.-based Mesh Intelligence, developer of a proactive food safety and supply chain solution to predict upcoming and evolving risks and disruptions globally to help organizations plan and act faster. Mesh Intelligence helps food organizations identify, predict, and mitigate critical food safety risks in their global food supply chain before they happen. The company plans to use this VFF capital to invest in hiring key talent, enhancing the company’s technology, building the company’s presence in Virginia.
Globalization has revolutionized food production and consumption to the point where the majority of the world’s population lives in countries that are dependent on imported foods. This can intensify vulnerabilities during any kind of global crisis, such as the current COVID-19 pandemic, as global food supply chains are disrupted, which forces food organizations to act. The pandemic has created immediate and long-term risk to supply chains, including logistics bottlenecks, labor shortages, restricted movement, shortage of outputs, shifts in demand, and trade restrictions. Mesh Intelligence is solving this issue by helping food organizations identify and mitigate critical food safety risks in their supply chain with a solution that predicts upcoming and evolving risks, allowing these organizations to plan and act quicker.
“Current supply chain and risk monitoring approaches have not done enough to help organizations during this pandemic. We are always reacting to issues, which does not give organizations the heads-up they need to ensure their product is safe and flowing,” said Shub Debgupta, Founder of Mesh Intelligence. “With our solution, organizations can predict and manage global food supply chain risks in this era of uncertainty – especially in a COVID and post COVID world where food companies are seeking greater transparency and are re-thinking what is acceptable risk in their supply chains. We are grateful for the support of Virginia Founders Fund, whose investment will drive our growth and will cement our leadership in this emerging and innovative space.”
With a unique and proprietary database of global supply chain behavior across hundreds of thousands of companies, Mesh Intelligence uses artificial intelligence (AI) and advanced analytics to predict supplier and shipment risk and offers solutions and approaches to mitigate that risk. Mesh’s curated data and technology delivers insight into what is happening in clients’ supplier networks on a daily basis, helping organizations monitor, assess, identify, and manage critical threats and vulnerabilities. Smart sourcing and supplier vetting options allow organizations to shortlist equivalent suppliers and producers with a click of a button, focusing on suppliers with less risk who can meet their needs.
“Consumer Products and Goods companies need transparency into upcoming risks so that they can better prepare and manage that risk. Mesh Intelligence allows organizations to understand what is driving the risk as well as determine whether the risk is actionable,” said Tom Weithman, Managing Director of CIT GAP Funds. “The Mesh leadership team is taking advantage of an enormous market opportunity, in which accelerated supplier vetting and monitoring in a remote environment has dramatically reduced a lengthy and expensive process. We look forward to following their success.”
Launched in 2018, the Virginia Founders Fund (VFF) shines a light on the creativity and impact of entrepreneurs arising from Virginia communities traditionally underserved by risk capital. Through VFF, CIT GAP Funds has committed more than $3M of its returns for reinvestment in female founders, founders of color, veteran founders, and founders located in regions outside of Northern Virginia, seeking to maximize both the economic development and social equity imperatives of the Commonwealth.
About Mesh Intelligence
Mesh Intelligence helps food organizations identify and mitigate critical food safety risks in their supply chains before they happen. With a unique and proprietary database of global supply chain behavior across hundreds of thousands of companies, Mesh uses Artificial Intelligence and advanced analytics to predict supplier and shipment risk globally and offers solutions and approaches to mitigate the risk. Mesh is currently working with leading global food companies delivering insight into what is happening in their supplier networks on a daily basis, helping these organizations monitor, assess, identify, and manage critical threats and vulnerabilities.
About the Virginia Founders Fund
Launched in 2018, the Virginia Founders Fund (VFF) is focused on providing venture capital for Virginia’s traditionally underrepresented entrepreneurs. Proceeds from the Center for Innovative Technology’s (CIT) successful GAP Funds investment program are being reinvested into the Virginia economy through the VFF, which specifically supports female, minority, or veteran founders, or other entrepreneurs located in regions outside of Northern Virginia who are emerging into sectors such as software, hardware, life science, cleantech, and technology-enabled services. The VFF works with regional startup initiatives, early-stage funds, and accelerator programs across the Commonwealth to identify strategic opportunities for investment and potential co-investment to leverage additional capital. For more information, please visit https://www.cit.org/virginiafoundersfund/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 230 portfolio companies, including 16 companies in designated Opportunity Zones. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.cit.org/gap.
About the Center for Innovative Technology (CIT)
Investing in Virginia’s Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next-generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. For more information, visit www.cit.org or follow CIT on LinkedIn and Twitter.
Dan Warren LaunchTech Communications 443-977-9638 [email protected] Sara (Pomakoy) Poole Center for Innovative Technology (CIT) [email protected]