A food tech firm that aims to reduce waste by increasing the shelf-life of fresh produce has secured more funding to expand overseas.
OSY Group has won a five-figure grant from Innovate UK Business Growth under its Global Explorers Programme to help it find new markets for antimicrobial packaging coating Xtend. The company hopes to enter new markets in Europe, Australia, New Zealand, Canada, South Africa, Singapore and Hong Kong.
OSY Group, based at Manchester International Office Centre has already raised £1m from individual investors to support its development. Innovate UK has now given the business more than £500,000 in backing. The latest funding will help the group carry out research into how Xtend technology can be utilised in other markets and climates.
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Xtend is designed to enable food items such as fruit and vegetables to stay fresh for longer by leaving microscopic pins on packaging surfaces which puncture and kill microbes, slowing the natural spoiling process. OSY Group says it has “undergone extensive testing in the UK at independent laboratories, universities and other facilities, which has proven the technology to be food safe and compliant with the Food Contact Materials regulations for fresh produce.”
Marc Braterman, chief executive of OSY Group, said: “Having proven our technology in fresh fruit in the UK, we now wish to understand how Xtend can be adapted for different markets, and it’s great to have the support of Innovate UK as we seek to maximise opportunities overseas.
“Our technology tackles a global problem whereby one-third of all food goes to waste, and this contributes between eight and 10 per cent of global greenhouse gas emissions.
“The demand for our product is evident, and this latest funding will enable us to accelerate our research and development on fresh produce in other types of packaging and climates, as well as extending to include meats, fish, poultry and bakery items.
“This will materially support our expansion on a global level by also enabling us to test the viability of new markets and to understand key variables and relevant criteria in targeted territories, as well as the regulatory environments.”
The Global Explorers Programme aims to support UK SMEs to explore global opportunities and to build international partnerships that can help them move into fast-growing global markets.
Andreas Johansen, senior innovation and growth specialist at Innovate UK Business Growth, said: “OSY Group is a highly innovative company which has already made promising connections overseas and wants to make the most of these opportunities.
“We are proud to be part of OSY Group's exciting R&D journey. This includes supporting Marc and the team with innovation funding through the Innovate UK Better Food for All competition, and now with international opportunities. We look forward to continuing to support OSY Group.”
