Apeel, a California-based company tackling global food waste, announced Tuesday that the company has made its first acquisition: a software start-up named ImpactVision, which uses artificial intelligence and machine learning to track the chemical composition of food throughout its shelf life.
Terms of the deal were not disclosed. Apeel was most recently valued at $1.1 billion following a December funding round that included World Bank Group and Temasek Holdings, according to PitchBook.
In 2012, Apeel engineered a plant-based edible coating that can make produce last two to three times as long. It has been tested on dozens of different types of fruit and vegetables but is commercially available for avocados, organic apples and citrus fruits (mandarins, lemons, limes, finger limes).
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