Founded in Israel back in 2000, Timestrip has developed an inexpensive technology in the shape of a ‘smart-strip’, which displays how long an item of food has been open in the fridge and therefore whether or not it is safe to eat. With Britons throwing away almost £1 billion of unfinished refrigerated food every year and nearly one in ten of us at risk of illness through eating stale perishables, the company hopes its eponymous technology will prove a compelling offering for many in the food industry.
As well as food and catering applications, joint managing director Paul Freedman claims the product also has applications with medical products that need frequent replacement and pharmaceutical products with limited sterility.
‘It’s basically an inexpensive clock,’ Freedman explains, ‘but we plan to establish Timestrip as a global brand. A commercial product has now been launched in the food service sector in the UK and we plan to expand rapidly through licensing out the manufacturing and the distribution in key markets.’
Nominated adviser Beaumont Cornish and broker Falcon Securities supported Timestrip’s reversal.
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