Provision Analytics has raised a CAD $6 million (USD $4.75 million) equity round to further its software platform, which is designed to simplify audits and analytics for food safety.
The round was led by LEVEL46 Investments, a private special-purpose entity established by the co-founders of TriWest Capital Partners. Additional funding was contributed by Trailhead Capital of Colorado, Serra Ventures of Illinois, Waterpoint Lane of Ontario, and Voyager Capital of Washington, alongside other private investors. DNV Global, one of the world’s largest service providers for food safety and supply chain risk management, took a major equity position as part of a new partnership with Provision, which will see the software expanding into the European market.
The funding will help Provision capitalize on a groundswell of digitization in food safety. Following a persistent growth in recalls over the last decade, the world’s largest food safety standard, GFSI, has adjusted its policies to require 100% audit scores. The U.S. Food & Drug Administration has also started enforcing digital adoption for food product traceability. These changes, combined with increasing consumer demand for food process transparency, have left many food companies reconsidering their record-keeping practices.
Provision software is used for digital record-keeping in food safety. Customizable record templates contain automatic schedules, rules, and alerts that boost process control. The process data is streamed into one central cloud for each client, allowing for faster audit completion and real-time process analytics. This helps food companies save time in proving regulatory compliance, while building management insight for safety, quality, and cost.
In the last year, Provision’s signed revenue has approximately tripled, and its software is now used in more than 50% of refrigerated food shipments in Canada.
“The digitization we’ve seen in food accounting, inventory, and logistics is inevitable in food safety. The missing ingredient in prior software platforms was their usability. Our drive is to make data entry easier for operators, to unlock automation and insight for managers. We believe this will help food companies discover efficiencies, and ultimately, produce safer food for consumers. We couldn’t be more proud of our funding partners, who contribute not only resources, but also global expertise.”
Co-Founder & CEO, Provision Analytics
This round brings the company’s total funding to USD $6.5 million. Provision will use the funding for product development and geographic sales expansion. The company expects to grow its workforce by 50% in the next year, expanding its Calgary-based head office and opening a new office in Chicago focused on American accounts. Provision has used this milestone to formalize its Board of Directors, including Mark Cunningham, Nancy Smith, Brian Craig, and a representative from LEVEL46 Investments. Collectively, the group has created billions of dollars of value in financing, data, and software companies.
“By leveraging the decades of experience our co-founders have in the food industry, we were able to clearly understand the importance of Provision’s vision to modernize data capture in the food and beverage sector. Provision is turning food safety records from a burden to a competitive advantage, combining intuitive solutions for operators with scalable systems for management. With this new round, Provision is well funded to execute on a global scale.”
Vice Chairman at TriWest Capital Partners
Provision Analytics was founded in 2018 to provide digital solutions for food safety and quality assurance. Its cloud software is fully configurable to suit any commodity, process, and food safety standard. Provision clients use dynamic digital records to capture process data, with automations to ensure compliance and reports to expedite audits and analytics. Since inception, the software has been adopted by leaders in agriculture, manufacturing, and distribution across three continents. The company maintains Canadian offices in Calgary, and American offices in Chicago.