Venture capital (VC) Altos Ventures made a new investment in Foodtech startup PureSpace.
On the 16th, Altos Ventures said it took part in PureSpace's Series A fundraising and invested 6 billion won. Altos Ventures was the sole investor.
PureSpace, a Foodtech startup, was founded in 2018. Its core technology controls ethylene gas, which accelerates the ripening and spoilage of fruits and vegetables, to extend the shelf life of fresh produce.
Chief Executive Lee Seon-young and Chief Operating Officer (COO) Lee Jae-seong, who are siblings, co-founded the company by taking over their father's catalyst research. After six years of development, they succeeded in commercializing an ethylene removal technology.
According to Altos Ventures, PureSpace conducted a proof-of-concept test with Korea's Lotte Mart and confirmed a 50% reduction in food waste and a twofold extension of the shelf life for some items.
The company plans to use the investment to expand its sales staff and develop next-generation products. It plans to launch a refrigerated container for fresh produce transport that applies ethylene gas control technology next year.
Altos Ventures partner Ahn Sang-il said, "The need to reduce food waste is increasing worldwide and demand from corporations is growing, so we decided to make this investment."