A new company targeting the coffee industry is emerging from stealth.
Bext360, based in the U.S., is launching to enable supply chain management within the coffee industry. With its launch of the “bext-to-brew” platform, bext360 is using blockchain, artificial intelligence and IoT technology for its offerings.
The company provides hardware that can collect and analyze coffee, it said, and facilitate instant payments to suppliers and farmers based on that quality analysis. The company also supports digital loan and interest payments to banks and uses the data it collects to help those lenders monitor and collect on loans issued to the small businesses within the coffee supply chain.
According to bext360, its solutions aim to support the livelihood of independent farmers in the coffee industry while improving quality control.
“Bext360 is transforming the coffee supply chain while bringing consumers and farming communities together to improve product quality, community livelihoods and the consumer coffee experience,” said the firm’s CEO, Daniel Jones, in a statement.
The firm will target developing countries with heavy presences in the coffee industry. By taking advantage of the high presence of mobile payments technologies in these markets, bext360 will look to digitize B2B payments.
“This mobile access allows bext360 to implement our technology directly into the supply chain for traditional optimization, product payment and the financing of capital equipment necessary to increase the value of commodities in the country of origin, bringing more equity to local businesses and communities in emerging economies,” said Jones.
Bext360 announced $1.2 million in funding led by SKS Venture Partners.
“What excites us is that bext360 bridges the gap between a coffee farmer and your morning cup of coffee,” said SKS founding partner D. Mark Spencer in another statement. “Knowing the farmer receives a fair payment on the spot through their smartphone based on volume and quality of beans is exciting technology.”