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Preseed Funding

Oliveex raises pre-seed funding to automate food quality control using Internet-of-Things

Oliveex, a Greek startup providing Industrial-Internet-of-Things solutions targeted on the food industry, announces today the completion of a pre-seed financing round led by TECS Capital.

Through TECS Capital’s investment, the company will commercialize & deploy the IIoT platform to optimize food quality control that currently isn’t efficient and based on experience rather than data. With decisions taken from a manual sampling and analysis process with questionable precision, the process ends up needing many working hours, investment in expensive lab equipment, and a lot of product wasted during analysis.

Oliveex’s IIoT platform offers the needed digital transformation and introduces remote quality control, using IoT devices that are 24/7 attached and collecting data. Through the platform, users can improve precision by using data, while also replacing manual quality control processes (e.g., sampling and lab analysis) to cut costs. However, Oliveex is not providing standalone sensors for specific metrics but an all-in-one integrated platform that will combine different metrics to export complex chemical data and use them for actionable, real-time, predictive analytics using machine learning algorithms.

Oliveex has performed several pilot installations and Proof-of-Concepts in Greece, some of them with key players of the Food & Beverages industry like Athenian Brewery, the largest beer producer in Greece and part of HEINEKEN Group which invests heavily in innovative equipment and processes. During those developments, the company has built a wide network of partners including food industries, industry-related universities and food machinery providers that will strengthen the product’s distribution channels. Oliveex has successfully completed OK!Thess startup acceleration program in 2021.

The solution (Hardware-Enabled Software-as-a-Service) has been deployed and beta tested in industrial environments for over 12 months, with users mentioning that they achieved to simplify their production procedures and made them from experience-driven, data-driven. The devices offer 10+ years of battery-operated lifetime and proven Plug-N-Play features, with the users performing the installation themselves in a matter of minutes.

"We are glad to welcome TECS Capital onboard and looking forward to our upcoming collaboration. Their Industry 4.0 focus and expertise will help us achieve our goals. The current investment will help us expand our team, R&D activities, and partners’ network while also allowing us to deploy more innovative solutions."
Dimitris Gkaragounis
Co-Founder at Oliveex
"We welcome Oliveex to our portfolio companies. Oliveex’s co-founders, Dimitris and Konstantinos, have completed all necessary milestones to secure company’s first VC round. We are sure that they are going to achieve more in the future, considering a proven need that they serve in a massive industry, their scalable and easy-to-use IIoT solution as well as their vision and passion to expand. Oliveex’s product lies in the center of Industry 4.0 transforming traditional workflows in the F&B manufacturing while optimizing both quality and performance of customers’ production processes. Also, glad to have EIT Digital onboard."
Antonis Ilias
Partner at TECS Capital

The company has also been previously funded by, and is a portfolio company of, EIT Digital, a leading European digital innovation and entrepreneurial education organization driving Europe’s digital transformation.

"The Venture Program marked our official start since the last deliverable of the program was to incorporate in Greece and officially start the fundraising process. EIT Digital can provide us with great support through its powerful network of partners. Through the program’s extensive support and mentorship, we have achieved this major milestone and we will be glad to continue with TECS Capital and EIT Digital on board."
Konstantinos Akrivos
Co-Founder at Oliveex
"I'm delighted that Oliveex has capitalised on EIT Digital's support to achieve this significant fundraising milestone. EIT Digital looks forward to supporting many similar success stories, both with Oliveex and other Greek-based entrepreneurs with whom EIT Digital is presently working."
Maria Costeira
Head of Innovation Factory at EIT Digital

About Oliveex
Oliveex, offers integrated Industrial IοΤ solutions mainly targeted at the food and beverage industry. Oliveex’s all-in-one IIoT platform includes wireless & Plug-N-Play sensors that are 24/7 attached at different production stages, collecting data that will be used to optimize production procedures using machine learning algorithms. The IIoT platform provides real-time remote monitoring, data analytics & digital traceability features.

About TECS Capital
TECS Capital, is a pre-seed/seed investment structure focused on Industry 4.0, that invests in science and technology startups fueling talented founders to turn their best ideas into scalable ventures and build the future. TECS Capital has a network of Venture Partners in Europe and the US contributing to its operations. The GP Team has extensive business and technical experience and diversified backgrounds. The LPs come from various industries and the anchor investor is the Hellenic Development Bank for Investments (HDBI).

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