Melbourne-based AI software startup MEQ Solutions has raised A$23 million(US$15 million) in funding from global venture capital firm Insight Partners.
The company will use this investment to speed up the rollout of its AI-powered software that helps detect and measure red meat quality.
The funding will help MEQ strengthen its operations and grow its team and partner network across Australia, New Zealand, Brazil, and the US.
Through this expansion, the company aims to change how value is created in the global red meat industry, which is worth around $1 trillion.
The global meat trade is valued at around USD 1 trillion (about $1.5 trillion) each year.
MEQ Solutions plans to build advanced AI software that provides real-time data to measure and evaluate the quality of red meat.
Insight’s investment will enable us to further support our partners and grow our teams to capture the opportunity in front of us. We’re installing truth infrastructure for the red-meat industry, creating value, consistency and trust across the chain,” MEQ Solutions founder and CEO Remo Carbone said.
MEQ Solutions was founded in 2016 in Adelaide. The company focuses on building technology solutions for the meat industry.
It develops both hardware and software tools that help measure meat quality and yield, with the goal of replacing traditional manual processes with digital ones.
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