DENVER, April 11, 2017 /PRNewswire/ -- bext360, a technology company that develops technologies to streamline critical supply chains in emerging economies, today announced that it is launching out of stealth with its first product, along with its "bext-to-brew" platform. This platform uses blockchain, artificial intelligence, and IoT to revolutionize the coffee supply chain and bring more equity to coffee farmers. "bext360 is transforming the coffee supply chain, while bringing consumers and farming communities together to improve product quality, community livelihoods, and the consumer coffee experience," said bext360 CEO Daniel Jones.
The patented bext360 machines will be deployed to collect and analyze coffee and make instant payments to farmers based upon quality analysis. By making digital payments for loans and interest directly to lending organizations, while they analyze and collect goods, bext360 machines will literally pay for themselves. This process provides critical capital to entrepreneurs by reducing the cost for lenders to monitor and collect on capital equipment loans. This investment stimulates new businesses by providing capital to process commodities in their market of origin. bext360 machines also collect data on the quality and efficiency of farming practices and then analyze supply chain dynamics in real-time, thus creating new business opportunities and supply chain efficiencies.
Developing countries have leapfrogged the wired economy directly to mobile connectivity, which allows suppliers and buyers to shift directly to digital payment processing without legacy technology companies blocking progress. Jones states, "This mobile access allows bext360 to implement our technology directly into the supply chain for traditional optimization, product payment, and the financing of capital equipment necessary to increase the value of commodities in the country of origin, bringing more equity to local businesses and communities in emerging economies."
Additionally, the company announced this week that it has secured $1.2M in funding, led by SKS Venture Partners. "bext360 hit a number of our investment criteria," says SKS founding partner, D. Mark Spencer. "What excites us is that bext360 bridges the gap between a coffee farmer and your morning cup of coffee. Knowing the farmer receives a fair payment on the spot through their smartphone based on volume and quality of beans is exciting technology."
bext360 develops technologies that strengthen local businesses and communities in emerging economies by increasing access to capital and streamlining supply chains. bext360 technology builds upon the fundamental shift in mobile access, microfinance, and mobile/digital payments in developing countries. More information is available on the website: bext360.com.
About the Coffee Industry
Coffee production employs 25 million people directly and supports 100 million people indirectly worldwide. Coffee companies like Starbucks, Nestle, Dunkin' Donuts, and Krispy Kreme have increased investment in supply chain transparency.