The funding boost will all OSY to accelerate the commercialisation of Xtend, an antimicrobial packaging coating that it claims can help a wide range of food types stay fresh in pack for longer.
Manchester-based OSY will also using the investment to expand its team, with plans to create a number of roles in the coming months.
Latest funding round
This latest round of investment followed a £250,000 equity fundraising last year and an award from Innovate UK through its ‘Better for All’ competition to support companies ‘forging innovative ways to tackle nutrition challenges’.
Chief executive Marc Braterman said: “We aspire to lead the charge in global food waste reduction through our innovative technology, as well as helping to drive down greenhouse gas emissions and food poverty, supporting grocers as they strive to achieve their sustainability targets and enabling food producers to tap into more export markets.
“This latest funding round is a major milestone as it will enable us to accelerate the commercialisation of Xtend in the UK and internationally, while also focusing on growing our team. We are looking to create a number of roles in the coming months in line with our strategy.”
Killing microbes
Xtend is a water-based antimicrobial coating for packaging surfaces. It leaves microscopic pins on the packaging surfaces that ‘puncture and kill microbes’ and slow the natural spoiling process that affects the fresh produce within.
According to OSY, the coating is suitable for use on lidding film, plastic trays, flow wrap, fibre and board, flexible film paper, outer packaging, and board and film combined for food-to-go applications. Testing has shown Xtend can extend shelf-life by multiple days.
Meanwhile, Andrew Powles, managing director at FPE Seals, offers his top tips for how food manufacturers can reduce waste during food production.
