Atlanta-based VeriSolutions Closes Series A Funding
Friday, November 30th, 2018
VeriSolutions, an Atlanta-based Internet of Things (IoT) enabled software startup company, has closed its Series A round financing led by Avery Dennison Corporation, a Fortune 500 global materials science and manufacturing company that specializes in the design and manufacturing of a wide variety of labeling and functional materials. Atlanta-based venture funds Atlanta Seed Company and Service Provider Capital also participated in the round. (The parties have declined to disclose their exact investment amounts.)
VeriSolutions is a member company in the Advanced Technology Development Center’s ATDC portfolio of startups.
Its unique cloud-based environmental monitoring and task automation solutions are currently used in the food service, hospitality, and healthcare industries by several national brands that seek to implement traceability and cost-effective compliance across their supply chains. The new capital will help the company further scale its operations, activate global opportunities, and expand VeriSolutions’ IoT platform into new verticals and capabilities.
“In the United States, approximately 30 to 40 percent of the food supply is wasted at a cost of $165 billion. Avery Dennison has already proven the efficacy of its Freshmarx® products with our platform,” said Michael Crocker, VeriSolutions’ founder and CEO. “And beyond reducing waste, when it comes to maintaining perishable goods in safe conditions, Freshmarx® Solutions can deliver scalable systems that help keep consumers safe, enabling brands and supply chains to shift from reactive to proactive.”
For Avery Dennison, the investment is part of the firm’s larger strategy.
“Avery Dennison is excited to lead VeriSolutions’ Series A financing,” said Max Winograd, director of Open Innovation and Venture Investments at Avery Dennison. “This investment advances our leadership position in intelligent labels and will accelerate adoption of IoT solutions in new verticals, such as food service, where there is growing demand for improved traceability, visibility, and agility.”