Wasteless, a Tel Aviv, Israel-based Internet of Groceries startup, raised $400k in seed funding.
Backers included VC SOSV, Food Angels, Jonathan Ofir, and Winston Ltd.
The company, which has taken part in the latest cohort of Food-X accelerator by SOSV, intends to use the funds to complete the platform and create prototypes to be used in field trials.
Led by Ben Biron, Wasteless is advancing a machine learning powered tracking solution for grocery stores to offer customers dynamic pricing based on product expiration date. The solution combines item level RFID sensing, a dynamic pricing engine, and Electronic Shelf Labeling to let consumers choose how much they want to pay for a product based on its expiration date. Wasteless continuously monitors stock levels, if an item is almost out of stock, the store is alerted. If it has been on the shelf for too long, the price can be automatically reduced.
Wasteless, which is currently in trial with several retailers, has also offices in New York.