Nutrition analytics and data startup Nutrino just raked in $8 million, completing its Series A funding round. This round had participation by existing investor the New York Angels group and had new participation from Pereg Ventures, Nielsen Ventures and Gandyr Group. This latest funding round brings the company's total funding to $10 million.
“Digital Health is predicted to be worth several hundreds of billions in the coming decade,” Ziv Ben Barouch, managing partner of Pereg Ventures, said in a statement. “With skyrocketing consumer demand for increased information about what they eat and growing health awareness, nutrition data is the largest untapped sector of this industry, and Nutrino is perfectly positioned to address this opportunity.”
The San Francisco and Tel Aviv-based startup uses artificial intelligence and machine learning to gain insights about its users’ response to foods based on various data points, according to a statement. The data comes from two different systems, a food analysis system, which includes scientific literature, food, and menu items, and an individual inputs system, which includes blood type, allergies, physical activity, sleep, mood, glucose, and insulin level.
Out of these inputs, the system gives users what it calls their “FoodPrint,” which is basically a marker of how the body processes food. This metric aims to help users manage their chronic disease, identify food trends, improve wellbeing, and manage weight.
Nutrino's platform is aimed at helping individuals, businesses and medical professionals.
“Our proprietary technology, FoodPrint, uncovers the previously invisible connections between people and their food,” Nutrino CEO Yael Glassman said in a statement. “Nutrino is where data meets nutrition, and as we’ve demonstrated in our work with multinational partners around nutrition and diabetes, the opportunity is vast. This funding round will enable us to significantly expand our commercial reach.”
The company plans to spend the new funding forging new partnerships within the food analytics and nutrition world to help people living with diabetes, according to a statement. It also plans to use the money to develop its database and collect data on food items from around the world.
Existing partners include Dexcom, Welltok, Abbott, and IBM Watson. Notably, in 2016 Nutrino partnered with Medtronic so that people who use both Nutrino’s app and Medtronic’s MiniMed Connect system to connect to their CGM and insulin pump to their smartphones will be able to pull data from Medtronic devices into Nutrino and put that data in the context with their food data.
Correction: New York Angel investors led the seed funding round not the Series A round.