The HarvestMark traceability system from YottaMark Inc. is receiving a capital infusion.
The Redwood City, Calif.-based YottaMark is gaining $24 million from capital investors led by Westbury Partners and new investor Fairhaven Capital.
Previous investors ATA Ventures, Thomvest Ventures and Granite Ventures also participated in the funding, according to a news release.
The latest round of funding brings YottaMark’s cumulative funding to $53 million, according to the release.
YottaMark plans to use the funding to hasten sales and marketing of its HarvestMark system and meet the growing demand for food supply chain traceability and transparency.
“This funding enables us to continue building on the tremendous demand we’re seeing for our solutions, and advance proprietary analytics that deliver actionable insights to drive retailer and producer profits,” Scott Carr, YottaMark’s president and chief executive officer, said in the release.
James Schubauer II, Westbury Partners’ president and chief operating officer, and Paul Ciriello, Fairhaven Capital’s founder and managing director, plan to serve on YottaMark’s board.
“The fresh food industry is an emerging market with tremendous opportunity, and HarvestMark is capitalizing on the value of big data to bring food suppliers significant return on their investment,” Hatch Graham, YottaMark board member and ATA Ventures’ co-founder and managing director, said in the release.
“We saw the potential of this platform when we led the first round of professional financing and have been pleased to partner with management as they have built a strong leadership position. This company is making rapid gains in the $100 billion U.S. fresh produce industry.”