MEQ Solutions secures $23m funding to boost global red meat trade

The news: Melbourne-based AI-powered software startup company MEQ Solutions has secures $23 million in funding from global venture capital firm Insight Partners to boost the rollout of its red meat quality detection software.

The funding will strengthen MEQ's operations and expansion of its team and partners across Australia, New Zealand, Brazil and the US to redefine how value is created in the $1 trillion global red meat trade.

The context: The global meat trade is worth USD$1 trillion ($1.5 trillion) a year. MEQ Solutions aims to create an advance AI model software to provide real-time data to measure and assess the quality of red meats.

What they said: "Insight's investment will enable us to further support our partners and grow our teams to capture the opportunity in front of us. We're installing truth infrastructure for the red-meat industry, creating value, consistency and trust across the chain," MEQ Solutions founder and CEO Remo Carbone said.