Self-Heating Beverage Technology Company HeatGenie Closes $6 Million in Funding
Company Raises Food Tech Innovation Capital as On-Demand Heated Beverages Ready for Marketplace Launches
AUSTIN, Texas, June 4, 2018 /PRNewswire/ -- HeatGenie, the leading innovator in self-heating, ready-to-drink (RTD) beverage packaging, has closed a $6 million round of funding led by ARTIS Labs with additional financing from Almanac Investments and private investors. With this round of funding, HeatGenie will complete product development and move into commercialization, working together with ready-to-drink beverage brands to launch in the marketplace.
HeatGenie brings the consumer packaged goods market a safe, patented, self-heating innovation that integrates into packaging, allowing consumers to heat drinks on the go. HeatGenie's technology, which is environmentally safe and recyclable both before and after activation, simply and quickly heats beverages with a twist of the lid through a solid-state thermal reaction. For consumers, who increasingly value convenience, this means a portable, single-use solution for hot beverages in less than two minutes.
"We have always had an incredibly positive response to our technology from CPG brands, many expressing early interest in embedding HeatGenie into products," said Mark Turner, HeatGenie CEO. "Now, with a commercialized and scalable solution ready for market, we are already partnering with beverage companies eager to give consumers a simple way to instantly heat coffee, tea, soup, broth, or sake, wherever and whenever they please."
Demand for Convenience Continues to Rise
With global lifestyle demands for convenient food and drink options rising 40 percent within three years, the marketplace demand for self-heating food packaging across regions continues to increase, and is expected to maintain healthy growth. (Source: Transparency Market Research)
"As the first and only self-heating technology to meet the rigorous standards set by the industry's biggest beverage brands, we see great potential for HeatGenie to disrupt and bolster multiple markets," said Stuart Peterson, founder of ARTIS. "We believe HeatGenie, its team, and platform will create new ways for all of us to enjoy instantly hot beverages, meals and more."
"HeatGenie is a fantastic example of a next-generation innovation harnessing tech to enhance the consumer experience with food and beverage," said David Barber, Almanac Investments founder. "This is the only truly compelling solution ready for market today and we are proud to be involved."
Offering a streamlined solution for large-scale production quantities into the tens of millions of units, HeatGenie's proven heating technology and flexible design enable a beverage or drink brand to deliver an elegant solution that can scale with CPG needs. The first product including HeatGenie technology will hit the market this summer with additional releases expected later this year.
About HeatGenie
Technology-meets-CPG best describes HeatGenie™, a revolutionary self-heating solution changing the way people consume hot beverages. HeatGenie's safe, patented technology allows CPG brands the ability to offer ready-to-drink (RTD) beverages that heat themselves in two minutes, in single-serving, one-use cans. HeatGenie makes it possible for brands to provide what on-the-go consumers want – hot, delicious coffee, tea, soup, bone broth, hot chocolate, sake and more, anytime anywhere.
HeatGenie is the only company able to deliver a solution that is intuitive, safe, fast, compact, recyclable and low cost. The efficient heater integrates into standard beverage cans and allows consumers to enjoy their beverage "hot when they want it" with the twist of the lid.
HeatGenie's partnerships with CPG brands around the globe are currently finalizing commercialization and entering the marketplace. The company delivers to brands the most effective solution for consumers who are increasingly looking for innovation, portability and convenience. In November of 2017, HeatGenie welcomed CPG industry trailblazers to its board of directors and advisors.
For more information about HeatGenie, visit www.heatgenie.com
SOURCE HeatGenie
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