Washington-based Proxy Foods, a software developer for the F&B industry, has raised $2.3 million in a seed round for its AI platform that promises to solve the most complex challenges in food and recipe formulation more quickly: flavor, nutrition, and sustainability.
The round was led by Ted Leonsis, Proxy Foods’ co-founder and renowned sports entrepreneur, and the co-founders of CAVA Group Inc., Ike Grigoropoulos, Ted Xenohristos, and Dimitri Moshovitis.
“Our commitment is to pioneer a world where every recipe advances the aggregate well-being of all life and future generations”
Investors Anthony Nader and Fredrick Schaufeld from SWaN & Legend Venture Partners, Robert G. Hisaoka from RGH Capital, and industry veteran Richard Ware backed the AI recipe formulation platform in this round.
With the new capital, Proxy Foods will expand its team to accelerate product development and innovation and address the evolving demand for tasty, nutritious, cruelty-free, and sustainable food.
Petros Mandalis, Proxy Foods’ co-founder, shared: “We’re at the leading edge of an era where AI and R&D food development aren’t just potential partners but actual collaborators. With advanced machine learning, we’re not only enriching the industry’s knowledge but also transforming how discoveries are made.”
Quick recipe development
As recipe formulation poses many challenges, including sensory, nutritional, and cost and time considerations, Proxy Foods’ platform equips R&D teams with the tools and software to develop products tailored to the expectations of consumers across all alternative protein categories, plant-based pet food, and more.
Proxy Foods’ AI recipe formulation platform enhances the R&D formulation process by combining advanced data analytics, food science insights, and a robust ingredient database to drive data-informed decision-making and quickly create new recipes. Moreover, the platform has been designed to combat the over 80% failure rate for new products.
Proxy Foods was established in 2022 by Panos Kostopulos (CEO), Leonsis, and Mandalis to revolutionize the F&B industry by merging advanced technologies with food science and culinary arts expertise.
In addition to its Wahington headquarters, the company has an additional office in Athens, Greece, and a global team that spans key US markets (DC, Maryland, Virginia, and San Francisco), the UK, and continental EU.
Last year, Proxy Foods secured a $30K cash prize after winning the Leonsis Family Entrepreneurship Prize competition, Bark Tank, specifically designed to help Georgetown University students. The startup’s initial success enabled it to kickstart its journey at the Georgetown Venture Lab.
Recently, Proxy Foods achieved another major milestone by winning a $20K prize at the prestigious Hellenic Initiative’s Venture Impact Awards, highlighting promising startups in Greece and the Greek diaspora.
In addition, the software developer has received support from the Department of Biochemistry and Molecular & Cellular Biology at Georgetown University and the Food Chemistry and Technology Lab at the National Technical University of Athens.
Kostopulos commented, “We’ve assembled an extraordinary group of people, characterized by high talent density and ethos, all driven to make a meaningful global impact and realize our shared vision. Our commitment is to pioneer a world where every recipe advances the aggregate well-being of all life and future generations.”
