Gainesville and Boca Raton, FL – June 21, 2017 - The Florida Institute for the Commercialization of Public Research (the Florida Institute) announced today that it has finalized a funding agreement with FreshSurety, an Internet-of-Things (IoT) company with technology developed at the University of Florida. The Florida Institute supports new company development and expansion based on publicly-funded research, and bridges early funding gaps for companies licensing technology out of Florida-based universities and research institutions.
Retailers today cannot consistently assure fresh produce quality, with 75% of quality and 50% of shelf life diminished before it is visually apparent. FreshSurety focuses on increasing retail sales margins by using IoT technology to report real-time freshness based on produce respiration rates, for individual produce cartons anywhere in the world at a few cents per case. This provides retailers and producers with up-to-date shelf life information, enabling them to market higher quality products with less waste.
“We are excited to provide real-time produce monitoring throughout the supply chain, enabling food retailers and producers to meet escalating consumer demand for high quality fresh produce from all over the world,” said Tom Schultz, Chief Executive Officer of FreshSurety. “With funding from the Florida Institute, we will be able to expand our product offering, helping companies deliver fresher products and improve their bottom line.”
“FreshSurety provides great value to retailers by delivering real-time information on product freshness from pallet assembly to disassembly,” said Jackson Streeter, MD, Florida Institute Chief Executive Officer. “The Institute is pleased to support their growth plans as they provide retailers and distributors the information they need to deliver fresher products from farm to table.”
About the Florida Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2.5B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Florida Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Seventy-one companies have been funded to date, and the Florida Institute’s economic impact through June 30, 2016 in the State of Florida was $630 million.
FreshSurety is a technology company focusing on the logistics of the produce industry to increase sales margins. Their technology utilizes low cost wireless sensor networks that monitor fresh produce and reports real-time conditions of individual cartons anywhere at a few cents per case. These algorithms convert data values into shelf life reports with a quantitative freshness score. This technology provides detailed, actionable information throughout the supply chain, recording and reporting location, temperature, and freshness every ten minutes from pallet assembly to disassembly.