About 30-40% of food produced worldwide is thrown away, causing nearly a trillion dollars of economic losses, trillions of gallons of wasted water, and billions of tons of greenhouse gas emissions. In the US, about 40% of all food waste occurs at the retail level and downstream, largely driven by insufficient technology and manual processes.
Afresh seeks to tackle some of these big problems around food waste. Born out of Stanford's Computer Science PhD program, Afresh is the first Fresh food supply chain company. We bring the cutting edge of artificial intelligence to Fresh food to minimize food waste.
Our machine learning-powered supply chain solutions are tailored for the nuances of perishables. Our first product is a store-level replenishment tool that optimizes the ordering of items in Fresh categories -- produce, meat, deli, dairy, bakery, and prepared foods. The goal is to minimize waste and maximize in-stock rate, and consequently, profit.
So far, the results are awesome! Like we said above, in live deployments, we have demonstrated the potential to double profits and reduce food waste by 50%+.
We're growing fast: we're in partnership with 4 large regional grocers representing 500+ stores and >$10B in revenue. Our backers include Innovation Endeavors (former Google CEO Eric Schmidt’s firm) and Baseline Ventures (first money in Stitchfix, SoFi, Heroku, Instagram).