TruTag raises $7.5m in third-round financing

TruTag technologies has raised $7.5m in a Series C that will be used to continue the roll-out of its ‘edible barcode’ tech and develop new products.

The latest round – which takes the total raised by the company to date to $25m – has been led by investment firms Pangaea Ventures and Happiness Capital.

TruTag’s marker technology is already being deployed on pharmaceuticals, foods, and other products such as identity documents to protect them against counterfeiting, either being incorporated into an item itself or its packaging.

It is based on microtags made from silicon dioxide particles that give each a unique optical signature that can be verified using either a smartphone app or dedicated, proprietary reader.

TruTag’s chief executive Michael Bartholomeusz said both new investment groups can help the company make headway in key, target markets.

Pangea’s “strategic partnerships with global advanced materials companies and investors will help TruTag to most effectively commercialise our product identity solution,” he said, while Happiness Capital “brings to TruTag deep expertise in the global food and health products markets.”

Trutag has completed studies which show that its tags can be applied to tablets and capsules without any changes to the manufacturing process. They are considered a GRAS (Generally Recognised as Safe) substance by the FDA, indicating they are safe for ingestion.

“We believe TruTag’s edible barcode technology will help increase consumer confidence and ultimately save lives,” commented Matthew Cohen, Pangaea’s director of technology.

“TruTag is making our world better by utilising compelling advanced materials and advanced material process innovations to combat rising problems such as drug counterfeiting.”