VeriSolutions Closes Its Series A Led by Avery Dennison, Atlanta Seed Company and Service Provider Capital
November 29 2018 - 8:00AM
VeriSolutions, an Atlanta-based Internet of Things (IoT) enabled
software startup company, has closed its Series A round financing
led by Avery Dennison Corporation, a Fortune 500 global materials
science and manufacturing company specializing in the design and
manufacture of a wide variety of labeling and functional materials,
as well as Atlanta-based venture funds Atlanta Seed Company and
Service Provider Capital. (The parties have declined to disclose
their exact investment amounts.)
VeriSolutions’ unique cloud-based environmental monitoring and
task automation solutions are currently being used in the food
service, hospitality and healthcare industries by several national
brands looking to implement traceability and cost-effective
compliance across their supply chain. The new capital will help the
company further scale its operations, activate global opportunities
and expand its IoT platform into new verticals and
capabilities.
"In the United States, approximately 30-40 percent of the food
supply is wasted at a cost of $165 billion. Avery Dennison has
already proven the efficacy of its Freshmarx® products with our
platform,” said Michael Crocker, VeriSolutions CEO. “And beyond
reducing waste, when it comes to maintaining perishable goods in
safe conditions, Freshmarx® Solutions can deliver scalable systems
that help keep consumers safe, enabling brands and supply chains to
shift from reactive to proactive.”
“Avery Dennison is excited to lead VeriSolutions’ Series A
financing,” said Max Winograd, Director of Open Innovation and
Venture Investments at Avery Dennison. “This investment advances
our leadership position in intelligent labels and will accelerate
adoption of IoT solutions in new verticals, such as food service,
where there is growing demand for improved traceability, visibility
and agility.”
About VeriSolutionsVeriSolutions, an
Atlanta-based, IoT-enabled software startup company, simplifies
environmental monitoring, helping business owners reduce waste and
ensure brands simplify regulatory compliance by empowering them
with necessary data. The VeriSolutions IoT platform is applicable
to a wide range of industries, including food service, hospitality,
healthcare, pharmaceuticals, agriculture and more. Learn more at
www.VeriSolutions.co.
About Avery DennisonAvery Dennison Corporation
(NYSE:AVY) is a global materials science company specializing in
the design and manufacture of a wide variety of labeling and
functional materials. The company’s products, which are used in
nearly every major industry, include pressure-sensitive materials
for labels and graphic applications; tapes and other bonding
solutions for industrial, medical, and retail applications; tags,
labels, and embellishments for apparel; and radio-frequency
identification (RFID) solutions serving retail apparel and other
markets. Headquartered in Glendale, California, the company employs
approximately 30,000 employees in more than 50 countries. Reported
sales in 2017 were $6.6 billion. Learn more at
www.averydennison.com.
Media Contacts:
Matthew Wallace, VeriSolutions, media@verisolutions.co, 919-971-0452
Ashlie Whitten, Avery Dennison, ashlie.whitten@averydennison.com 508-320-4762
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