bext360, a company that develops technology to streamline supply chains in emerging economies, has announced that it is launching its first product, along with its ‘bext-to-brew’ platform. This platform uses blockchain, AI, and IoT to revolutionize the coffee supply chain and bring greater equity to coffee farmers.
The patented bext360 machines will be deployed to collect and analyse coffee and make instant payments to farmers based upon quality analysis. This process provides capital to entrepreneurs by reducing the cost for lenders to monitor and collect on capital equipment loans. It will also stimulate new businesses by providing capital to process commodities in their market of origin. bext360 machines also collect data on the quality and efficiency of farming practices and then analyse supply chain dynamics in real-time to creating new business opportunities and supply chain efficiencies.
Developing countries have shifted to mobile connectivity, which allows suppliers and buyers to move directly to digital payment processing without legacy technology companies blocking progress.
Daniel Jones, bext360 CEO, remarked: “bext360 is transforming the coffee supply chain, while bringing consumers and farming communities together to improve product quality, community livelihoods, and the consumer coffee experience. This mobile access allows bext360 to implement our technology directly into the supply chain for traditional optimization, product payment, and the financing of capital equipment necessary to increase the value of commodities in the country of origin, bringing more equity to local businesses and communities in emerging economies.”
Additionally, the company announced that it has secured $1.2M in funding, led by SKS Venture Partners.
SKS founding partner, D. Mark Spencer commented: “bext360 hit a number of our investment criteria. What excites us is that bext360 bridges the gap between a coffee farmer and your morning cup of coffee. Knowing the farmer receives a fair payment on the spot through their smartphone based on volume and quality of beans is exciting technology.”