SnoFox, a business intelligence tool specializing in data analytics for the global cold chain, has emerged from stealth mode with $4.5 million in seed funding. Led by Voyager Ventures, the funding round also saw participation from Pale Blue Dot, Ponderosa Ventures, and Mudcake, bringing the total funding raised to $5.7 million.
The cold supply chain is crucial for various industries, including combating food insecurity, ensuring proper medication storage, reducing energy waste, and supporting agricultural livelihoods and economies. However, the current cold chain technology is outdated, with the average cold storage facility being 42 years old, and 78% of them built before 2000. Inefficient refrigeration is a significant contributor to the loss of around 14% of all food produced for human consumption. These outdated facilities lack modern intelligence tools, such as machine learning and deep analytics, for precise system maintenance and measurement.
SnoFox’s software platform leverages existing refrigeration data, proprietary algorithms, and remote technology to extract insights, enhancing cold storage warehouse efficiency without the need for additional hardware. By optimizing energy consumption within the cold chain, SnoFox aims to significantly reduce waste and promote sustainable practices.
The cold storage industry can spend over $1 million a year on electricity, with cooling processes accounting for 60-70% of total electricity demands in a warehouse. SnoFox’s advanced analytics solutions identify areas within cooling systems that can be improved to increase energy efficiency, ultimately reducing waste and creating a more sustainable cold chain.
The company plans to have its technology deployed in ten facilities across seven U.S. states, pioneering advanced machine learning and business intelligence in their warehouses. With SnoFox’s data-driven insights, cold storage facilities can improve their cooling efficiency by up to 40%, helping them save on costs and reduce carbon emissions.
SnoFox’s innovative approach to real-time insights and predictive analytics has impressed investors, and the company aims to revolutionize the logistics landscape by transforming the global cold chain. With the support of its investors and partners, SnoFox is on a mission to drive a greener and more sustainable future in the cold supply chain.
