360ip a Japanese based technology fund has taken a 20% stake in Tracified, a 99x Technology subsidiary. The investment will help accelerate adoption and availability of supply chain tracing technology both locally and internationally.
The plan to develop the software began 5 years ago when a Norwegian firm procured 99x Technology to develop a tracing application for their fish product from Norway and Sri Lanka into the Chinese market. This software allowed consumers to trace fish stock from the boat to the dining table.
Co-Founder Tracified, Dileepa Jayathilaka said, “That is when we saw the value of this and developed the software platform for this which can handle any type of complexity.” Tracified was already working with the United Nations Industrial Development Organization and the Export Development Board to develop traceability for Ceylon Cinnamon. Ceylon Cinnamon is subject to a lot of counterfeiting in the international market. CEO 99x Technology Mano Sekaram noted that Sri Lankan startups in the The IT-sphere raises funds but fails to go international and thereby lack growth.
He said, “who are your investors and do you have the traction to take it forward?” Sekaram said that the Sri Lankan IT space began with an initial wave of outsourcing of services. This first wave was followed by one linked to software servicing. Sekaram predicted the 3rd wave of growth for IT would be driven in the startup sphere. Sekaram noted that 99x technology had established a startup incubator with considerable IT support from the parent company.
The platform also works with the Internet of Things (IoT) devices to add features such as temperature monitoring and logging of times. All information is stored on the cloud through the use of block-chain technology. Companies and consumers can access the information through
their own software with a publicly available application programming interface.
The platform can also be used for the computation of customs duty in complex multi-country operations with components coming from various geographic locations. In the future, there are plans to implement the technology to better digitize logistics information originating from Sri Lanka.
With the investment Tracified now has a team of 2 development officers, 1 intellectual property management agent, and a dedicated person in the Japan Management Association Consultants working from Japan. Tracified is currently planning to implement sophisticated DNA tracing methods for the Gem and Jewelry Industry in Sri Lanka.
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