BlueTrace offers the leading traceability, tagging, and compliance platform designed specifically for the shellfish industry. Our mobile solutions enable organizations big and small to manage fast moving inventory, eliminate redundant data entry, streamline operations, and comply with evolving regulations.
New regulations from NOAA and the FDA coupled with rising consumer expectations are pushing the broader seafood market to adopt new traceability systems. We are seeking funding to expand our go-to-market to address the broader seafood industry.
Seafood businesses are in the midst of adopting digital technologies. Most of the digital solutions they have today are cumbersome and not fit for purpose. In particular, the industry needs mobile solutions that work with minimal training.
Seafood is one of most common vectors of foodborne illness, yet regulators find the source of an outbreak less than 50% of the time. Consumers want to know where their seafood came from, but their fish is often mislabeled. Regulatory actions and reputational damage have a huge impact on the industry.
Today the industry spends thousands of hours complying with regulations and tracking seafood through a complex web of distributors. Existing seafood traceability systems are expensive, manual, siloed and error prone. New regulations that effectively mandate digital traceability, and higher labor costs are making the problem worse.
Our cloud-based traceability platform saves time and reduces errors by enabling clients to manage their inventory, streamline their operations and meet regulatory requirements.
Today we have over 250 paying clients and proven product/market. In 2021 revenue grew 180% y/y. We are on track for over $1 million in annual revenue in 2022.
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We raised a $900,000 seed investment from Maine Venture Fund, Coastal Enterprise Inc, Branch Foods and other investors.
We have also won over $900,000 in non-dilutive grants., including two SBIR grants from NOAA.
We have filed two patents on our system.