Bext360â€™s IoT brew helps coffee supply chain
April 25, 2017
Denver start-up Bext360 is using blockchain, artificial intelligence and the IoT to improve the coffee supply chain and bring more equity to coffee farmers.
The company develops technologies to streamline critical supply chains in emerging economies.
“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," said Bext360 CEO Daniel Jones.
The patented machines will be deployed to collect and analyse coffee and make instant payments to farmers based upon quality analysis. By making digital payments for loans and interest directly to lending organisations, while they analyse and collect goods, the machines could literally pay for themselves.
This process provides critical capital to entrepreneurs by reducing the cost for lenders to monitor and collect on capital equipment loans. This investment stimulates businesses by providing capital to process commodities in their market of origin. The machines also collect data on the quality and efficiency of farming practices and then analyse supply chain dynamics in real time, thus creating new business opportunities and supply chain efficiencies.
Developing countries have leapfrogged the wired economy directly to mobile connectivity, which allows suppliers and buyers to shift directly to digital payment processing without legacy technology companies blocking progress.
"This mobile access allows Bext360 to implement our technology directly into the supply chain for traditional optimisation, 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," said Jones.
Additionally, the company announced that it has secured $1.2m in funding, led by SKS Venture Partners.
"Bext360 hit a number of our investment criteria," said SKS founding partner Mark Spencer. "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."
Coffee production employs 25 million people directly and supports 100 million people indirectly worldwide. Coffee companies such as Starbucks, Nestle, Dunkin' Donuts and Krispy Kreme have increased investment in supply chain transparency.