Oritain, the Aotearoa New Zealand-based company specialising in origin verification and traceability has raised millions from investors in a win for ESG.
Origin verification company Oritain has raised US $57m in funding. The capital raise was Led by Highland Europe and supported by existing investor Long Ridge, and takes Oritain’s cumulative funding to $70 million USD.
The company, which operates out of Dunedin in Aotearoa New Zealand, deploys forensics to verify the origin of materials. While largely focused on analysing food crops, the technology can enable traceability through a variety of textiles such as cotton used throughout different industries.
The technology can enable both customers and suppliers to verify the origin of their products, help target greenwashing, and uphold accountability in the supply chain across meat, fibre, horticulture, aquaculture, pharmaceuticals, coffee, eggs, and honey industries.
Currently, Oritain works with a variety of global companies such as Nescafe, Lacoste, Country Road, a2 Milk Co, and Sanford Fisheries which, alongside over 100 other companies, use it to ensure that they are getting what they are expecting and to support their ESG commitments, reduce the risk of fraud and unethical practices, and protect their reputations.
“We are all products of our environment,” CEO Grant Cochrane said. “In the case of food, there are a lot of different variables, but we’re measuring things that create an indelible fingerprint.”
“In the early days people said we were a solution looking for a problem, plus there was also a lot of what I’d call plausible deniability, whereby people didn’t want to look so they didn’t have to do anything. But that’s changed a lot.”
Now, there is increasing pressure across the board from regulators to investors and customers for full transparency.
Investor Highland Europe principal Jacob Bernstein, who has joined Oritain’s board said, “this ground-breaking technology is a dream solution for sourcing and sustainability leaders at the world’s largest brands who can finally get to grips with the authenticity of their supply chains.”
With the funding, the company says it hopes to expand its offering both geographically and through different industries.
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