In the few months since its launch in late 2013, major bottling and packaging companies in Europe and North America have rushed to deploy Smart Skin Technologies’ Quantifeel™ System, an industry-first hardware and software solution to measure pressure and ensure efficient production. Today the company announced a $3.9 million Series A investment to accelerate product development and service more customers. Rho Canada Ventures, Build Ventures and GrowthWorks Atlantic Venture Fund led the investment round. Earlier investors including East Valley Ventures, the New Brunswick Innovation Foundation and other angel investors also participated in this round of funding.
Smart Skin’s patented solution measures pressure through an artificial touch-sensitive film, or “skin,” providing large-scale operators with precise, real-time measurement on the production line for the first time. As part of the rapidly evolving “Industrial Internet,” this new technology and analytical capability has already been embraced by six of the top 10 beer brands in world, with other top food producers and packaging and container companies deploying it as well.
"We’ve experienced strong customer traction since our launch late last year," said Smart Skin Technologies founder and CEO Kumaran Thillainadarajah.
"We have a powerful solution to a problem plaguing bottling and packaging companies that will save them millions of dollars each year. Our product is already deployed on factory floors around the world and with this new round of funding partners, we have the fuel to continue our growth and develop new products."
Based in Fredericton, New Brunswick, Canada, Smart Skin Technologies was founded in 2009. It previously raised $1.5 million from New Brunswick-based investors. The Canadian Innovation Exchange (CIX) named Smart Skin Technologies to its 2013 CIX Top 20.
"With its proven technology and strong leadership team, Smart Skin Technologies has quickly achieved significant customer traction with top global corporations. It also has the opportunity to extend its technology into many other industries. With funding and support from this round of investors, Smart Skin Technologies can expand its sales and marketing presence to quickly dominate a large and growing market. We see a bright future ahead," said Jeff Grammer, Partner with Rho Canada Ventures.