Proxy Foods, a company specializing in artificial intelligence (AI) technology for the food and beverage sector, has secured $2.3 million in funding for its AI-driven recipe formulation solution.
Based in Washington, U.S., the startup aims to assist food and beverage manufacturers in addressing intricate flavor and nutrition challenges using its AI platform. Manufacturers can create new products or enhance existing recipe formulations with this solution.
Proxy’s platform utilizes AI and precision analytics to meet the growing demand for sustainable food solutions and the rising consumer awareness about nutrition and animal welfare.
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The platform targets R&D teams, food scientists, product developers, and chefs from large F&B manufacturers, alternative protein companies, and emerging pet food startups. It aims to simplify complex R&D processes by integrating ingredient data with advanced machine learning algorithms.
Entrepreneur Ted Leonsis spearheaded the seed funding round, joined by prominent investors within the food industry such as Richard Ware. Ware, who recently concluded a distinguished 35-year tenure at Mars, will assume the role of board advisor for Proxy Foods.
Panos Kostopulos, the founder and CEO of Proxy Foods, stated, “At Proxy Foods, we are advancing product innovation by integrating state-of-the-art technologies with the expertise of food science and culinary arts.”
He further remarked, “We’ve assembled a brilliant team with outstanding skills and ethos, all driven to make a big global impact and realise our shared vision. Our dedication is to lead the way towards a world where each recipe contributes to the overall well-being of all life and future generations.”
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Kostopulos, a chemical engineer and food biotechnologist, boasts a decade of experience in biotech, food R&D, and product development. His expertise spans fermentation, plant-based and cell-based foods, bioengineering, and traditional agriculture. Additionally, he is the co-founder of two nonprofit organizations dedicated to promoting cellular agriculture and advancing food technology.
In addition to its headquarters in Washington, Proxy maintains an office in Athens, Greece, and has a global team covering major U.S. markets, the UK, and continental Europe.