- UK startup OSY Group secures funding to advance commercialization of Xtend, an antimicrobial packaging coating that extends the shelf life of various food types.
- The funding will also support team expansion at OSY Group’s Manchester International Office Centre location near Manchester Airport.
- Xtend is a water-based coating that punctures and kills microbes on packaging surfaces, proven to be food safe and compliant with regulations.
- Trials with major UK grocers and European packaging companies show Xtend significantly reduces food waste by maintaining freshness for longer.
- OSY Group’s latest funding round, supported by new and existing backers, follows previous equity fundraising and Innovate UK award for innovative food solutions.
Revolutionizing Retail with Retail Technology Funding
In a significant move towards revolutionizing the retail sector, UK startup OSY Group recently announced a substantial funding boost for its innovative retail technology. This boost will further the development and commercialization of Xtend, an antimicrobial packaging coating that aims to extend the shelf life of various food types, including fruits and vegetables. This funding injection will not only drive the advancement of Xtend but also facilitate the expansion of OSY Group’s team, based at the Manchester International Office Centre near Manchester Airport.
The Impact of Xtend on Food Preservation and Waste Reduction
Marc Braterman, Chief Executive at OSY Group, highlighted the pressing issue of food waste on a global scale, with a staggering 1.3 billion tonnes of food wasted or lost annually. Additionally, between eight and ten percent of global greenhouse gas emissions stem directly from food waste. In response to these challenges, OSY Group aims to spearhead the reduction of global food waste through its innovative technology. By leveraging Xtend, the company seeks to play a pivotal role in curbing greenhouse gas emissions, alleviating food poverty, supporting retailers in achieving sustainability goals, and assisting food producers in accessing new export markets.
Braterman emphasized the significance of the recent funding round, indicating that it will propel the commercialization of Xtend both in the UK and internationally. The focus will also be on team expansion, with plans to create several roles in line with the company’s growth strategy. Xtend, a water-based antimicrobial coating, works by leaving microscopic pins on packaging surfaces that effectively combat microbes and slow down the natural spoiling process of fresh produce. Extensive testing at independent laboratories and universities has validated Xtend’s safety for food contact and compliance with food regulations.
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Applications and Trials of Xtend in the Retail Sector
Xtend has demonstrated its efficacy in extending the shelf life of various food packaging formats, including lidding film, plastic trays, flow wrap, fiber and board, flexible film paper, and outer packaging. Notably, trials of Xtend have been conducted with key UK grocers, prominent soft fruit producers, and leading European packaging companies. These trials, coupled with testing in the UK, have unequivocally shown Xtend’s ability to maintain freshness for extended periods, thereby significantly reducing food waste in the retail sector.
Braterman underscored that Xtend’s versatility extends beyond food produce, offering a range of applications due to its direct coating attributes. The latest funding infusion, sourced from three new investors and one existing supporter, builds upon a previous equity fundraising round and an award from Innovate UK. The award was granted through the ‘Better Food for All’ competition, designed to support companies tackling nutrition challenges through innovation. Innovate UK’s backing is instrumental in fueling OSY’s ongoing research and development efforts.
Strategic Partnerships and Future Prospects
As a testament to its innovative approach, OSY Group is part of a select cohort of companies participating in a global innovation business program led by Innovate UK across Canada and Australia. The company benefits from the expertise of advisors such as Dr. Malcolm Driffield and Dr. Rhodri Evans from Exponent International, a renowned scientific, engineering, and regulatory consultancy. These collaborations underscore OSY’s commitment to driving technological advancements in the retail sector and beyond.
The trajectory set by OSY Group’s retail technology funding not only marks a significant milestone in combating food waste but also paves the way for sustainable practices within the retail industry. With Xtend’s proven capabilities in extending the shelf life of perishable goods and reducing food waste, OSY Group is poised to make a lasting impact on global sustainability efforts. The convergence of innovative technology, strategic partnerships, and a dedicated team positions OSY Group at the forefront of retail technology innovation, heralding a brighter future for the retail sector.
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