Despite economic fluctuations and market movements, one sector that demands continuous round-the-clock supply is Food and Beverage (F&B), which perishable goods is a major portion of. But with the production of various food materials concentrated across the world, transportation of perishable goods is a key concern.
Based on the latest statistics, the global market for perishable goods’ transportation is likely to reach $23280 million by 2026. Taiwan-based startup, FOX-TECH Co., is making strides in the realm of bolstering the perishables supply chain by leveraging cutting-edge tech.
Using big data, data analytics, and IoT, FOX-TECH has developed a novel tech solution known as “TEMPHAWK,” which has now been deployed across 24 countries worldwide in the F&B industry, enabling stakeholders to minimize loss of goods and address any potential bottlenecks efficiently.
“We see this as an important market to tackle as it impacts our everyday way of life from what we eat, when are products [produced and] received, and even what type of products can be imported from foreign countries,” says company COO and co-founder Yadia Colindres.
Founded only five years ago, FOX-TECH has made its mark in the industry by building one of the world’s largest temperature and humidity databases. As of Q2, the company has collected 33 million data points from the food value chain in the Asia Pacific (APAC) region. “Through the data we have and the participation of our partners, we are able to create data models to help extend the shelf life of high-end perishable products.”
According to Colindres, this enormous database that connects previously unconnected businesses' value chain footprint will enable the company to develop tailormade data models for specific parts of the value chain. In Q3, FOX-TECH will launch their data-enhanced geolocation service in Taiwan, Japan, Singapore, and Thailand.
“This will help logistic providers proactively know at which point of their shipment, their goods are being affected by temperature. Thus, providing them with more time to make better decisions on whether or not to recall the shipment and immediately send another batch to the end customer,” Colindres explains.
Simply put, perishable goods are temperature sensitive, making it essential to monitor their temperature in order to store and transport them safely. The perishables sector is also energy intensive and requires stakeholders to invest a great deal into energy expenses.
With growing international trade, cold chain logistics and a perishable goods supply have become a key economic prospect for several nations. APAC is one of the four main markets for the global perishable goods supply chain.
However, risk management and policy compliance are two of the many pain points that both industry giants and SME players in the realm of perishables face. The IoT startup believes that an end-to-end solution that helps optimize quality and safety in the F&B industry is the key to solving current hurdles.
But in most cases, integrating new tech often poses challenges in terms of deployment and integration. Even if businesses are willing to implement other high-tech solutions,“they are often too complex, expensive, and require too much time. As these solutions are often customized by system integrators, making it too difficult for the businesses to later maintain.”
TEMPHAWK, though, is an end-to-end solution that can be deployed without any expensive technical support or installation while offering on-the-go data analytics.
FOX-TECH’s TEMPHAWK uses sensors to detect temperature and moisture change. It then collects such data, and provides actionable insights to stakeholders. “The vertical in which we are most popular across the APAC region is warehouses and logistics. During this new environment, our solution has helped many warehouses, logistics, and farms with the shortage of manpower for monitoring their products' safety and yield production.”
“Through the data analytics IoT platform, we can help our customers better understand what is happening within their operations and provide full value chain visibility,”Colindres emphasizes. “At the same time, by building complimentary data models, we can help our customers pick and choose what model fits their type of business the best.”
Following a subscription-based B2B analytics model, the company’s short term plan is to further expand its market share in Japan and Singapore. The company is currently working side by side with one of Japan’s top 10 conglomerates for perishable goods monitoring as well as Singapore-based Halal meat distributors such as foodtech startup WhatsHalal. In its home market of Taiwan, the TEMPHAWK solution accounts for 30% market share of the local pork supply chain.
Apart from perishables, FOX-TECH’s solution is also being deployed in Singapore’s state-owned Gardens by the Bay and across the forests of Taiwan’s national parks to monitor temperature and detect forest fires.
When asked about her founding story, Colindres referred to her own background. “The key driving force to becoming an entrepreneur for myself was the strong need and passion to help solve problems through technology. I come from Honduras, a country where 80% of its GDP is from agriculture. I wanted to help develop technology that will allow these businesses to maximize their efforts to have more product available for exportation.”
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