TrustBIX is partnering with Protein Industries Canada, Farmers Edge, and OPIsystems to create a platform for Canada’s plant-based food sector.
The platform will use connected field sensors, artificial intelligence, and big data analytics to enhance predictive modelling, digital traceability, and connectivity within the agri-food supply chain.
This investment positions TrustBIX to utilize its BIX platform to handle plant-based protein traceability for local agri-food farmers.
Canadian farmers are well-positioned to secure a stake in this $180 billion global market but will need technology platforms to market their products and provide transparency.
The fully digitized, streamlined process that is being developed for this new program from TrustBIX and its partners makes it easy for producers to participate in the program and access higher-value global markets, which leads to increased farm income here in Canada.
Hubert Lau, CEO of TrustBIX, commented,
"TrustBIX is very pleased to bring the BIX platform along with our experience in managing chain-of-custody and supply chain traceability solutions for major Canadian agri-food processors and retailers to this collaboration."
"With Farmers Edge, OPIsystems and Protein Industries Canada, we see a collaborative innovation process that will help us accelerate our diversification into the plant-based protein sector and contribute real value to our partners and the ecosystem," he added.
This is the second phase of a previously announced partnership between the companies and will consist of a $17.1 million combined investment from the companies. Protein Industries Canada will fund 50 percent of the project, and Farmers Edge, OPIsystems, and TrustBIX will provide the remaining half.
Of the $668,114 portion that TrustBIX has agreed to supply, the company will invest $334,057 and Protein Industries will provide a co-investment of the same amount.
The agreement will end by March 31, 2023, or when the project is completed.
TrustBIX is a Canada-based company consisting of information solutions for the livestock industry.
TrustBIX (BIX) is down 1.16 per cent and is trading at $0.425 per share as of 9:40 am ET.