SnoFox, the business intelligence tool for the global cold chain, has announced a $4.5M Seed round of funding led by Voyager Ventures. The funding brings SnoFox’s total funding to date to $5.7M and will be used to reach new customers in the US and hire new talent as demand for energy efficiency grows in the cold chain industry.
The cold supply chain is crucial for food security, medication storage, and agriculture, but current technology is outdated. The average cold storage facility is 42 years old, and 78% of those facilities were built before 2000. Inefficient refrigeration results in the loss of 14% of all food produced for human consumption. These outdated facilities lack the modern intelligence tools needed for precise system maintenance and measurement.
SnoFox leverages existing refrigeration data, proprietary algorithms, and remote technology to provide advanced analytics solutions for cold storage warehouses. The software platform extracts insights to enhance efficiency without the need for additional hardware, ultimately reducing waste and energy usage in the cold chain.
According to Ben Rubin, CEO and co-founder of SnoFox, optimizing energy consumption within the cold chain can significantly reduce waste and ensure efficient and sustainable resource utilization. SnoFox aims to revolutionize the global cold chain industry by combining sustainability and efficiency.
A cold storage facility can spend over $1 million per year on electricity, with cooling processes accounting for the majority of the electricity demands. SnoFox’s analytics solutions precisely identify areas for improvement within cooling systems to increase energy efficiency, reducing waste and creating a sustainable cold chain.
SnoFox’s innovative approach has impressed investors, such as Voyager Ventures, who see the company as transforming the logistics landscape. Through data-driven insights, SnoFox empowers cold storage facilities to improve cooling efficiency by up to 40%.
SnoFox plans to deploy its technology in 10 facilities across 7 US states, pioneering advanced machine learning and business intelligence in the cold chain industry.
For more information, please visit snofox.com.