Toronto, ONTARIO — Index Biosystems has exceeded its financing targets on its journey to define the next generation of supply-chain traceability and anti-counterfeiting.
The innovative startup behind BioTags — a new category of in-product bio-based traceability technology — closed its seed round target of $1 million with an oversubscription to $1.5 million (all figures USD) led by Vanedge Capital, with the participation of new strategic partner CBS Bio Platforms, and Creative Destruction Lab (CDL) mentors.
The company announced this milestone alongside its graduation from the CDL Program, where Index Biosystems was selected as the top startup in the agriculture stream. In connection with the financing, Index Biosystems has also added Remi Schmaltz to its Board of Directors.
“We are thrilled to announce these accomplishments,” says Mike Borg, Founder and CEO of Index Biosystems. “They further validate Index as a pioneer and leader in this new product category initiated with BioTags — providing scalable product traceability, independent of packaging, that addresses anti-counterfeiting, food safety and certification. BioTags enables unprecedented visibility into the global supply chain. With the support of our partners and Index’s outstanding team, we are positioned for rapid growth.”
The new strategic partnership with CBS Bio Platforms adds to this progress. CBS Bio Platforms is an innovation-focused company that researches, develops and manufactures a wide range of bio-based products used in feed, food, industrial and environmental applications.