For local agrifood tech enterprise ProfilePrint, success is beyond securing patented technologies that profile and predict the quality of food ingredients on the go. Supported by IPI’s strategic experts, the company also raised funds and ramped up global expansion plans to ride the growing demands for food ingredient premiumisation.
Can one identify the molecular signatures of food ingredients or determine if they are suitable without human sensory or sending them to a lab? With ProfilePrint’s AI food-ingredient profiling technology, the answer is YES.
But that’s not all. According to Mr Alan Lai, Founder and CEO of ProfilePrint Pte Ltd, beyond equipping users with the ability to rapidly ascertain the suitability of ingredients without the need to see, touch and taste, ProfilePrint aims to redefine the need for one common standard via their platform, by offering sellers and buyers the ability to transact across different standards – from the farm to destination.
It is no surprise that ProfilePrint has been highly successful since the solutions debut in 2019, given the technology’s huge potential in addressing food supply chain disruptions. In fact, the solution is deployed in 27 locations across 5 continents of the world from Africa, America, Europe, China and Southeast Asia, where it serves some of the largest global traders in the food ingredients industry.
Ensuring continued success
Nevertheless, the ambition to secure a sustainable revenue stream from this core business had resulted in a meeting between Lai and Mr Peter Tay, IPI’s Deputy Head of Innovation Advisory. Business transactions were brisk, Lai said, and he wanted a more targeted strategy for global business expansion and a secured income stream.
Taking guidance from Tay and the IPI Innovation Advisors Programme, ProfilePrint embarked on a journey to review its current business model and Go-To-Market plans, as well as develop a sales process to attract and convert prospects to loyal customers. No detail was spared, as the project team combed through existing customer decision processes — from the initiation of business opportunities to qualification, proof of concept and sales conversion.
Mr Phey Teck Moh, Partner and Co-Founder of AngelCentral and IPI Innovation Advisor, was roped-in as the project consultant. A seasoned mentor and angel investor in Singapore’s entrepreneurial scene, Phey was ready to dive into his role, bringing his deep experience in working with start-ups, advising on market-solution fit and reviewing business priorities.
“IPI was prepared to help us grow, accepting only a nominal fee as we were very cost-sensitive in the early stages. Teck Moh was a true star. He thinks deeply before offering any suggestions. By revisiting the key points at the right moments, he made sure we kept a laser focus on our objectives and desired outcomes,” Lai observed.
Seeing results
Within the first three months, the ProfilePrint team established better clarity over the customer segments and key markets they wished to pursue. Results became even more evident, with the onboarding of major food supply-chain traders (like Olam, Cargill, Louis Dreyfus Company and Sucafina) as strategic customers.
Lai and team would follow-up closely on the new leads and document the use cases. “In gaining a larger customer pool, we had a greater volume of data to improve our foundational AI engine, which is the backbone of the ProfilePrint platform. This enabled us to make further adjustments and technical developments to improve our software and hardware,” he noted.
Before the year was up, ProfilePrint was ready to engage with suitable investors with its rapid growth. As of early 2022, the company successfully closed its Series A1 funding round with Cargill, bringing together five of the world’s largest food ingredient conglomerates as strategic shareholders.
“I believe that IPI’s advisory scheme, and especially Teck Moh’s open-mindedness and global experience, have been critical to our newfound success. For now, we will continue to widen our geographical ‘food-print’ as well as deepen our traction with key clients to feed more and feed better globally,” he added.
ProfilePrint had developed a breakthrough AI technology capable of profiling and predicting the quality of food ingredients quickly and non-destructively. While the technology had strong potential to address food supply chain disruptions and enable ingredient premiumisation, the company faced the challenge of scaling its business globally and securing a sustainable revenue stream from its core offering. Founder and CEO Alan Lai recognised that, despite brisk business transactions, ProfilePrint needed a more targeted strategy to expand internationally and establish a stable income base. The company sought to clarify its customer segments, refine its go-to-market approach, and develop a robust sales process that could attract and convert prospects into loyal customers. Additionally, as a young enterprise in a competitive and rapidly evolving sector, ProfilePrint was cost-sensitive and needed to maximise the impact of its limited resources. The company also aimed to position itself as a trusted platform for buyers and sellers to transact across varying standards, further complicating its business model and requiring careful alignment of its commercial and technical priorities. To achieve sustainable growth and attract strategic investors, ProfilePrint needed expert guidance to review its business model, sharpen its market focus, and accelerate its global expansion.
IPI Singapore connected ProfilePrint with its Innovation Advisors Programme, providing access to strategic experts who guided the company in refining its business model and global expansion plans. IPI’s Deputy Head of Innovation Advisory, Peter Tay, engaged with ProfilePrint’s leadership to review their current business approach and develop a targeted go-to-market strategy. Through this collaboration, ProfilePrint embarked on a comprehensive assessment of its sales processes, customer decision journeys, and market priorities. IPI further facilitated the involvement of Phey Teck Moh, an experienced mentor and angel investor, as project consultant. Leveraging his expertise in start-up growth and market-solution fit, Phey worked closely with ProfilePrint to review business priorities and ensure alignment with long-term objectives. The advisory team helped ProfilePrint identify key customer segments, optimise sales conversion processes, and prepare for investor engagement. IPI’s willingness to provide advisory support at a nominal fee enabled ProfilePrint to access high-value expertise while managing costs during its early growth phase.
"IPI was prepared to help us grow, accepting only a nominal fee as we were very cost-sensitive in the early stages. Teck Moh was a true star. He thinks deeply before offering any suggestions. By revisiting the key points at the right moments, he made sure we kept a laser focus on our objectives and desired outcomes."
"I believe that IPI’s advisory scheme, and especially Teck Moh’s open-mindedness and global experience, have been critical to our newfound success. For now, we will continue to widen our geographical ‘food-print’ as well as deepen our traction with key clients to feed more and feed better globally."
ProfilePrint is a Singapore-based agrifood tech enterprise specialising in AI-driven food ingredient profiling. Founded by Alan Lai, the company enables rapid, non-destructive assessment of food ingredients, allowing sellers and buyers to transact confidently across different standards. Since its debut in 2019, ProfilePrint’s solution has been deployed in 27 locations across five continents, serving some of the world’s largest food ingredient traders.