In a new development that is going to come as a huge boost to the startup scene in Malaysia and South Asia, Sinisana Technologies has managed to raise as much as $500,000 in seed funding. Sinisana, which is based out of Sarawak, is a blockchain company that provides solutions in the food supply niche. The seed funding from a range of international investors values the company at $2 million. The company has come up with a product that will provide an end to end blockchain-powered food supply chain solution. Sinisana is looking to launch the product in Southeast Asia, China, and the United States soon. This investment will help the company in expanding at a decent pace.
It seems that the world of venture capital finance has also taken note of the work that is being done by the company, and hence, this investment has come about. Recently Sinisana had published a statement with regards to the food supply chain product. In the statement, the company said,
The blockchain product, called Intersect by Sinisana, allows participants in the food supply chain to have a trusted source of data for food safety, traceability, and oversight.
It could well prove to be a highly lucrative business in the years to come, considering the fact that younger people of the generation are interested in knowing the source of the food that they eat.
The product by Sinisana will provide them with that information. The chief executive officer of the company Gary D’Agostino spoke about the matter as well. He said,
Intersect by Sinisana is well-poised to capitalize on this opportunity, to enable the food industry to support this consumer demand.
It is a significant development for the company and one that could help the company in its quest to expand rapidly in as many markets as possible.