SnoFox Sciences, a business intelligence company that provides data analytics software for the global cold chain, recently raised an additional $4.5 million in seed funding led by Voyager Ventures, bringing its total investment to $5.7 million.
The round included participation from Pale Blue Dot, Ponderosa Ventures, and Mudcake.
The Philadelphia-based firm reports it plans to use the funds to reach new customers in more markets across the U.S., as well as hire new talent, as demand for energy efficiency grows within the cold chain.
“Every consumer in America relies on the cold supply chain, whether they realize it or not,” Ben Rubin, CEO and co-founder of SnoFox, said in a news release. “From food to vaccines, so many valuable resources are wasted due to energy inefficiency. By optimizing the energy consumption within the cold chain, we can significantly reduce waste, ensuring that precious resources are utilized efficiently and sustainably.
“I am incredibly proud of our exceptional team at SnoFox, whose relentless dedication and innovative solutions have paved the way for a greener, more sustainable future. With the support of our investors, partners, and our remarkable team, SnoFox is poised to revolutionize the global cold chain and usher in a future where sustainability and efficiency go hand in hand.”
The cold supply chain plays a vital role in combating food insecurity, medication storage, reducing energy waste, and bolstering agricultural livelihoods and economies. But current cold chain technology is outdated. The average cold storage facility is 42 years old, and 78% of those facilities were built prior to 2000. An estimated 14% of all food produced for human consumption is lost before it even reaches consumers, with inefficient refrigeration being the primary factor, SnoFox said. Outdated facilities are not equipped with modern intelligence tools to leverage machine learning and deep analytics for precise system maintenance and measurement. The SnoFox software platform leverages existing refrigeration data, proprietary algorithms, and remote technology to extract insights, enhancing cold storage warehouse efficiency without the need for any additional hardware.
A cold storage facility can spend over $1 million a year on electricity. Cooling processes alone can account for 60-70% of the total electricity demands in a warehouse. It is crucial, both for financial and environmental reasons, to enhance efficiency and reduce the energy expended on temperature control, the company added. Leveraging existing facility data and their proprietary algorithms, SnoFox provides advanced analytics solutions that identify areas within cooling systems that can be improved to increase energy efficiency.
SnoFox plans to soon have 10 facilities across seven U.S. states pioneering its technology for advanced machine learning and business intelligence in their warehouses.
“We were impressed with SnoFox’s innovative approach to harnessing real-time insights and predictive analytics, and are thrilled to invest in the company as it transforms the entire logistics landscape,” said Sarah Sclarsic, founding partner at Voyager Ventures. "With its unique capabilities, SnoFox is addressing critical pain points and unlocking tremendous value for stakeholders across the supply chain. We are excited to propel SnoFox’s vision to enable customers to save energy and slash carbon emissions and costs, and to support their journey in driving the future of cold chain analytics.”