bext360, a technology company that streamlines supply chains in emerging economies, is looking to collect, analyse, pay and track coffee ‘from bean to brew’.
The company has secured $1.2 million for its blockchain and AI powered platform.
The ‘bext-to-brew’ platform looks to leverage blockchain, AI and IoT to change the coffee supply chain and bring more equity to coffee farmers.
CEO Daniel Jones says the project is about “bringing consumers and farming communities together to improve product quality, community livelihoods, and consumer coffee experience.”
The company will seek to deploy bext360 machines to collect and analyse coffee and make instant payments to farmers. These payments will be based upon quality analysis.
The machines will pay for themselves by making digital payments for loans and interest directly to lending organisations while they analyse and collect goods. This reduces the cost for lenders to monitor and collect capital equipment loans while also providing capital to entrepreneurs.
The machines will collect data on the quality and efficiency of the farming practices and then analyse the dynamics of the supply chain in real-time. It is hoped that this will create new opportunities for supply chain efficiency gains.
Suppliers and buyers in developing countries have utilised mobile connectivity to shift to digital payment processing. “This mobile access allows bext360 to implement our technology directly into the supply chain for traditional optimization, product payment, and the financing of capital equipment necessary to increase the value of commodities in the country of origin, bringing more equity to local businesses and communities in emerging economies,” said Jones.
The $1.2 million in funding was led by SKS Venture Partners. “What excites us is that bext360 bridges the gap between a coffee farmer and your morning cup of coffee. Knowing the farmer receives a fair payment on the spot through their smartphone based on volume and quality of beans is exciting technology,” SKS founding partner D. Mark Spencer said.
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