RipeTime is financially supported by a well-known group of predominately New Zealand-based visionary seed and angel investors who see the commercial opportunities presented by this game-changing technology.
The initial capital raising was conducted by Gilligan Sheppard Advisory Partners. They succeeded in raising $2 million to fund the first year of operation, enabling RipeTime to develop a cost-sharing proof of concept phase with key partners in the produce industry.
Over the course of the next three years RipeTime has developed proof of concept in a number of vertical markets. Initial trials have completed trials in NZ and further trials are being carried out in Europe and North America. It is actively engaged in discussions to form strategic partnerships to leverage existing global distribution networks with established industry players, and is negotiating joint venture arrangements to licence its technology into segments that have been identified as non-core.
The New Zealand Venture Investment Fund, New Zealand Trade & Enterprise and the Callaghan Innovation Growth Grant has proven invaluable, in terms not only of execution support, but advice and guidance as we have moved into new markets.
The key to RipeTimes’ success is the patented ability to detect molecules at well below 10 parts per billion in the atmosphere. Trials continue to be carried out in Cool-stores and at box/tray level, with expansion to shipping containers and on-board ships being a natural extension. RipeTime is making progress in terms of R&D, commercialization, and market development. The board expects this to continue and is pleased to enjoy the support of the existing shareholder group.