Participated · Equity · Apr 2020

Provision Analytics offers a SaaS platform that simplifies food safety audits and analytics by capturing process data with dynamic digital forms featuring translation, autofill, and error checks. The software automates inventory and supplier management and streams each client's data into a central cloud for real-time process analytics and faster audit completion. Customizable record templates include automatic schedules, rules, and alerts to aid process control and to unlock custom analytics for intelligent process control. The company was founded in Copenhagen, built in Calgary, and graduated from Maersk FoodTrack in 2018; it has been described as one of Canada’s fastest-growing tech companies. Provision currently employs around 25 people and plans to use new funding to accelerate product development and expand sales. The startup intends to grow its workforce by about 50 percent over the next year. Provision Analytics develops OneTrace, a food safety and traceability software platform that uses a graph database and machine learning to correlate food-supply data and limit the scope and cost of recalls. Its product includes a custom form builder for capturing operational data such as employee temperatures and symptoms to track who touched what. The company completed two pilots in spring and signed its first enterprise clients in August, then sold aggressively through Q4 2019. Management says the platform is focused on fresh produce and grains given the company’s regional strengths. Provision positions its offering as a faster, lower-cost alternative to blockchain for traceability and aims to become the QuickBooks for food safety for companies with under $500 million in revenue. The company raised funding to build out its digital tool and expand its analytics capabilities.