“The breadth and versatility of our data powers many different applications across a spectrum of businesses, which sets us apart from any other player in the space,” said Label Insight CEO, Paul Schaut.
The company argued that, with its proprietary data science that captures product labeling information for over 400,000 products, creating 22,000 unique attributes per product from allergens to health claims, it can provide insight about “how products meet the varied health, wellness, lifestyle, and sustainability concerns of consumers.”
Delta-v Capital led the round, alongside River Cities Capital Funds. David Schaller, managing partner at delta-v, will join the Label Insight board of directors.
"The food industry is undergoing a revolution with consumers increasingly interested in understanding food and cosmetic ingredients and information on the sourcing of these ingredients," said Schaller.
"Label Insight's unique data-as-a-service capability delivers significant value to the CPG industry by helping brands and retailers transform their businesses to be more transparent, while enabling government agencies and academic institutions to better understand and measure the impact of food products and ingredients on our population."