September 4, 2024

By Gerelyn Terzo, Global AgInvesting Media

The blockchain has disrupted many sectors of the economy, and now it has made its way to the agriculture industry. Singapore-based DiMuto, an agri-food trade solutions company specializing in cutting-edge technologies, has raised $5.9 million in a Series A funding round. Led by The Yield Lab Asia Pacific, the round also extended to other backers including SiS Cloud Global Tech Fund 8, Gold Sceptre Limited and Dave Chen. Existing investors that made follow-on investments included SEEDS Capital, SGInnovate and PT Great Giant Pineapple, all of which participated in DiMuto’s $2.3 million round in 2021.

DiMuto has been an early mover in delivering tech solutions such as the IoT, AI and blockchain into the global food supply chain. The company plans to direct the proceeds of the latest fundraising round toward expanding its footprint into key markets including Latin America and the United States while also accelerating the advancement of its digital ecosystem, which the company says is transforming the food industry.

The blockchain, an immutable ledger boasting inherent features such as transparency, speed and cost savings, lends itself to the movements of the agriculture supply chain. In Asia, where according to an industry report close to half of consumers worry about where their food is sourced, better reassurances are needed to ensure that food is safe. Consumers are increasingly willing to pay a premium in exchange for buying directly from the source, giving agri-food companies that have been able to leverage traceable technologies like the blockchain into their food solutions the advantage.

DiMuto’s Trade Management Platform takes a holistic approach, offering farm-to-fork digital tools across the food value chain with a view toward strengthening the agri-food supply chain. For example, each carton of agri-food products are digitized for quality assurance and data transparency. Its marketplace solution connects verified buyers and suppliers to improve transparency and verification, while its financial services product offers post-shipment trading financing to support the growth of agri-food businesses.

Additionally, the company has set its sights on entering the greenhouse-based ag and climate-adaptive varietal development space. In doing so, DiMuto expects to improve its supply-resilience while scaling its private label, SoLuna Fresh, which markets traceable fresh produce from Latin America into Asian markets with a focus on the tropical and berries segments.

DiMuto Founder and CEO Gary Loh commented, “In a year marked by global economic challenges, this influx of capital is a resounding validation of the company’s growth trajectory, and will enable us to leverage our momentum in the Latin America and U.S. markets and bring us closer to our mission of redefining global agri-trade.”

SiS Asset Management Managing Director Lim Hwee Hai stated, “We are pleased to support DiMuto in its latest funding round and lend our expertise to the scaling of its AI-powered financial services. There is significant interest from the agri-food industry for such trade financing solutions, and we are confident that DiMuto’s real-time data capture and AI-driven financial scoring are poised for great success.”

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