Dive Brief:
- Oritain, a traceability firm, has raised $57 million in Series C funding, which it plans to use to further develop its technology and expand its reach into new areas, the company announced Wednesday in a press release sent to Fashion Dive.
- The New Zealand-based company uses forensic and data science to track the origin of cotton fibers by identifying specific regional chemical components. Its clients include Cone Denim, Lacoste, Next Level Apparel and Chanel, an Oritan investor which also increased its stake in this round. An Oritain spokesperson who confirmed to Fashion Dive Chanel’s involvement declined to give financial details on the partnership.
- In addition to provenance, Oritain also works on ESG compliance with its clients, which also include multiple food companies. The company said its tracing technology can help companies verify supply chains, prevent fraud and counterfeiting, and protect products in international markets.
Dive Insight:
By analyzing trace environmental elements such as climate, altitude, rainfall and soil composition, Oritain said its labs can create an Origin Fingerprint for a product. Once identified, that fingerprint can’t be tampered with or destroyed, allowing accurate sourcing of commodities including cotton and leather back to their points of origin, the company said.
The fingerprints created are fed into data banks that monitor global supply chains, and used as benchmarks for product and supply chain auditing, said the company.
“Over the past 15 years, Oritain has pioneered groundbreaking forensic and data science to become the world’s most trusted verification partner to leading global brands and institutions, providing them with the insights they need to make the critical decisions on their supply chains,” Grant Cochrane, global CEO at Oritain, said in the release. “Our relentless focus on data, science, and process integrity has enabled us to become long-term partners with our clients to ensure the integrity of their supply chains, which is increasingly difficult to achieve in globalized and complex markets. We’re delighted to announce this new funding round, led by Highland Europe, to support our expansion plans as we reach new markets and industries.”
The new round of Series C funding was led by Highland Europe, and Highland’s Jacob Bernstein will join the Oritain board as part of the arrangement. The funding round was also supported by New York-based Series B lead investor Long Ridge.
“Oritain’s forensic science can take a commodity sample and tell you precisely where in the world it comes from,” Jacob Bernstein of Highland Europe said in the release. “Does this cocoa come from a deforested national park? Is this cotton from where my supplier says it is? Is this coffee truly Brazilian, as the label says? This groundbreaking technology is a dream solution for sourcing and sustainability leaders at the world’s largest brands who can finally get to grips with the authenticity of their supply chains. We are immensely proud to partner with the Oritain team to revolutionize origin verification.”
