Oliveex raises funds to automate the food quality control process

Greek startup Oliveex, a graduate of the 2020 edition of the EIT Digital Venture Program, just closed a €270K financing round led by TECS Capital, an Industry 4.0-focused Venture Capital. The funds raised will help the company commercialize its product, expand its team, boost its research and development activities.

Oliveex has created a low-cost, highly accurate and scalable end-to-end IoT monitoring and data analytics solution for the food industry.

Oliveex's all-in-one IoT platform was designed from scratch to cover the quality control needs of companies producing fermented foods. The technology is currently applied to alcoholic fermentation products (e.g. wine, beer, spirits) and aims to expand to more fermented foods like dairy & plant-based.

The startup’s technology enables customers to replace the current quality control, which is done manually, being therefore time-consuming and error prone, with internet-connected, plug and play sensors that enable continuous measurements.

Oliveex has performed several pilot installations in Greece, with key players of the food & beverages industry like Athenian Brewery, the largest beer producer in Greece, part of Heineken Group. The technology has received positive feedback from users.

Storage tanks are fitted with sensors and data is fed into a software platform that gives users the opportunity to monitor production in real time. The data collected is also used to predict production risks before they occur, identifying potential problems and malfunctions using machine learning algorithms.

The result is the quality improvement of the product through the corrective actions resulting from data analysis, the improvement of traceability and the possibility of maintaining constant quality in different batches of product.

Oliveex is part of the EIT Digital Equity Portfolio and one of the Greek startups that made the most of their Venture Program participation.

“The Venture Program marked our official launch. The final deliverables of the program were incorporating the startup and starting to raise funds. Through the program’s extensive support and mentorship, we achieved these major milestones, and we will be glad to continue our journey with TECS Capital and EIT Digital on board. EIT Digital provided us with extensive support through its powerful network of partners,” Oliveex co-founders Konstantinos Akrivos and Dimitris Gkaragkounis say.