The investment will enable Positive Carbon to advance its food waste monitoring system in Europe and help eliminate food waste worldwide.
Positive Carbon has received funding from Austrian investment firm Gateway Ventures to expand its food waste monitoring technology to kitchens across the world. Using artificial intelligence to track and log food waste, Positive Carbon lets restaurants make informed decisions to reduce food waste.
“We are delighted to have the opportunity to work and grow with the support of Gateway Ventures,” Positive Carbon CEO Mark Kirwan said. “This investment will help us to scale our solution in Europe and bring the most advanced food waste monitoring technology to the world. In addition, this partnership will position us to bring further investors on board later in the year and to help ensure we eliminate food waste.”
Approximately one-third of all food produced worldwide is lost or wasted, which has significant economic, social, and environmental impacts. For example, food waste generates $940 billion in financial losses annually and accounts for 8 percent of annual greenhouse gas emissions. In addition, consumers and restaurants waste more than a billion tons of food each year.
Much of the wasted food comes from the food service industry, which creates €21 billion in waste in the European Union annually. Two-thirds of this waste is preventable.
The Positive Carbon solution
Founded in 2020, Positive Carbon uses artificial intelligence (AI) and LiDAR — the same technology in autonomous vehicles — to give restaurants a clear idea of what and how much food they throw out. This visibility enables restaurant managers and owners to reduce food waste and increase profits by making informed decisions around purchasing, production, and preparation.
The food waste management platform is ideal for restaurants of any size. In big kitchens, AI-powered sensors are installed and automatically track all food waste generated. Positive Carbon gives staff in small kitchens tools to log food waste effortlessly at the end of each day.
The registered food waste is then categorized so kitchen staff can see the environmental impact of each item. Thrown-away food is also matched with restaurant purchasing codes and integrated into their management systems so owners can see the effect on their bottom line.
One food service company operating workplace restaurants across 23 sites used Positive Carbon to quantify its food loss and waste and identify hotspots due to overproduction, out-of-date food, and uneaten customer meals. As a result, the company reduced food waste by using more semi-prepared food, improving meal forecasting, training staff, and engaging customers, and saw a benefit-cost ratio of nearly 25 to 1.
Positive Carbon’s food waste management platform has several features:
– Full-site coverage that tracks waste across all locations
– Intelligent product matching syncs food waste with purchases to enable better decision-making
– One-click environmental reporting lets restaurants track and report their waste
– Resources to educate companies on tackling food waste
Powered by Positive Carbon’s patented technology, restaurants have developed advanced food waste reduction strategies, increased their gross profits by 2 to 8 percent, and reduced their food waste value by 42 percent with minimal interruption.
In 2021, Social Entrepreneurs Ireland selected Positive Carbon to participate in its prestigious Impact Programme. The company is backed by Enterprise Ireland, a government organization that helps develop and grow Irish enterprises in world markets.
Positive Carbon empowers restaurant owners and managers to reduce food waste, make informed purchasing decisions, and increase profits. New funding from Gateway Ventures will enable Positive Carbon to bring its patented technology to restaurants across Europe and the world.