Highland Venture Capital

Investing throughout Scotland in emerging business

Insignia Technologies starts trials in the US and Europe following investment

Insignia Technologies, the smart packaging company, today announced an £865,000 investment led by Equity Gap along with Highland Venture Capital, the Scottish Investment Bank, Strathclyde University and a number of private investors.

 

The funding will enable the Biocity Scotland-based company to start trials with supermarkets and packaging companies in the US and Europe, ensuring it continues to lead the commercial development of the food labelling market and rapidly accelerate growth.

 

With an estimated 18 million tonnes of edible food sent to landfill in the UK each year, the issue of food waste is constantly in the media and high on the agenda for the general public and governments as well as food producers and retailers.

 

Insignia Technologies has developed a smart label that changes colour over time to show how long a packet of food has been open. This simple concept using patented smart pigment technology has clear benefits for shoppers, retailers, and food producers. Removing the confusion around how long a pack has been opened it reduces unnecessary food waste while restoring consumer confidence in certain food categories which in turn drives repeat purchase and increased sales.

 

Insignia will initially target the food production and processing sector, but has plans to expand into other areas including healthcare, cosmetics and pharmaceutical as Jock Millican who led the deal for Equity Gap explains: “Equity Gap is investing in Insignia Technologies because of the potential use and markets for its products, the strength of the management team and interest that customers have shown in the technology.”

 

Iain Scott, the Chairman of Highland Venture Capital noted “the recent press activity on the food wastage around supermarket foods, draws into sharp focus the need and opportunity for a product like this”

 

Speaking on the rapid progress of the company as it moves beyond proof of concept and towards commercialisation, David Kilshaw, CEO of Insignia Technologies, says: “The recent investment provides Insignia with the opportunity to continue to grow our existing customer base, move forward with customer trials in the UK, US and Europe, driving the business towards commercialisation and positive cash flow. As importantly, the investment provides the necessary funding to drive the development program being carried out by our technical team, both with regards to the existing technologies, as well as future research projects.”

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