Shantel
Key Takeaways
- SnoFox has come out of stealth mode with a $4.5M seed funding round led by Voyager Ventures.
- The funds will be used to expand across US markets and recruit new talent in response to rising demand for energy efficiency in the global cold chain.
- SnoFox leverages data analytics to provide cold storage warehouses with significant efficiency improvements, reducing waste and energy usage.
- By the end of 2023, over 1 million square feet of industrial cold storage warehouse space will utilize SnoFox technology to enhance operational efficiency.
Introducing SnoFox
Launched in 2020, SnoFox is a leading business intelligence tool that aims to revolutionize the global cold supply chain through advanced data analytics. The firm uses proprietary algorithms and remote technology, together with existing refrigeration data, to extract valuable insights. These insights help enhance cold storage warehouse efficiency, eradicate waste, and reduce energy usage, thereby contributing to a more sustainable cold chain. Over 1 million square feet of industrial cold storage warehouse space across seven states are projected to use SnoFox by the end of 2023.
Stepping Out of Stealth: A Future-Forward Funding Round
Emerging from stealth mode, SnoFox announced its $4.5M seed funding round, bringing its total funding to $5.7M. Voyager Ventures led the round, which also included participation from Pale Blue Dot, Ponderosa Ventures, and Mudcake. The funds will be utilized to broaden SnoFox’s customer base in more US markets and recruit new talent. This strategic move aligns with the growing demand for energy efficiency within the global cold chain.
Redefining Cold Chain Efficiency
The global cold chain plays an instrumental role in addressing food insecurity, storing medications, reducing energy waste, and supporting agricultural livelihoods and economies. However, the technology underpinning the current cold chain system is outdated. Most existing facilities lack modern intelligence tools necessary for system maintenance and measurement. SnoFox’s software platform offers a significant leap forward by leveraging existing refrigeration data and proprietary algorithms, thereby optimizing operational efficiency without the need for additional hardware.
Ben Rubin, CEO and co-founder of SnoFox, sheds light on the firm’s mission: “Every consumer in America relies on the cold supply chain, whether they realize it or not. From food to vaccines, so many valuable resources are wasted due to energy inefficiency. By optimizing the energy consumption within the cold chain, we can significantly reduce waste, ensuring that precious resources are utilized efficiently and sustainably.”
Unlocking the Potential of Advanced Analytics
SnoFox’s advanced analytics solutions significantly increase energy efficiency by precisely identifying areas within cooling systems that can be improved. For a cold storage facility spending over $1 million a year on electricity, these efficiency enhancements are vital for both financial and environmental reasons.
Sarah Sclarsic, Founding Partner at Voyager Ventures, lauds SnoFox’s innovative approach: “We were impressed with SnoFox’s innovative approach to harnessing real-time insights and predictive analytics, and are thrilled to invest in the company as it transforms the entire logistics landscape. SnoFox is addressing critical pain points and unlocking tremendous value for stakeholders across the supply chain.”
Expanding Footprint and Reducing Emissions
By year-end, SnoFox plans to extend its reach to 10 facilities across seven US states. With its data-driven insights, SnoFox empowers cold storage facilities to make improvements that could boost cooling efficiency by up to 40%. This marks a significant stride towards achieving a more sustainable and efficient cold chain.
SnoFox’s pioneering approach to cold chain management exemplifies the transformative power of data analytics. By utilizing technology to reduce waste and enhance efficiency, the firm stands at the forefront of sustainable cold supply chain management. As it continues to expand its footprint, SnoFox is poised to become a global leader in this crucial sector.
