KUALA LUMPUR (Oct 17): Sarawak-based Sinisana Technologies secured a US$500,000 (RM2.125 million) seed funding from international investors that values the company at US$2 million (RM8.5 million).

The valuation would make the firm that provides a food supply chain solution built on blockchain technology, one of the most valuable tech start-ups in Sarawak.

In a recent statement, Sinisana said this will allow it to accelerate the rollout of its product in the United States, China and Southeast Asia.

“The blockchain product, called Intersect by Sinisana, allows participants in the food supply chain to have a trusted source of data for food safety, traceability and oversight,” it said.

Users of the platform will be able to gain access to trusted information from farm to retail.

The company is working with leading manufacturers to implement the blockchain product, which will help provide greater security to the world’s food supply chain.

Sinisana co-founder and chief executive officer Gary D’Agostino said the consumers, particularly the millennials and generation Z (Gen-Z), are increasingly concerned about the source of products purchased by them.

“Intersect by Sinisana is well-poised to capitalise on this opportunity, to enable the food industry to support this consumer demand,” he added.

“Intersect by Sinisana is fully-developed in Sarawak and is proof that Sarawak has the talents and capabilities to create cutting-edge software platforms that can serve the needs of the global market,” co-founder and Chief Technology Officer Jonah Lau said.

“Blockchain will be a US$10 trillion industry by 2030 and we are positioning Sinisana and Sarawak to be a leader in this field.”