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MEQ Solutions, a Melbourne-based company whose camera technology for beef quality grading was approved by the United States Department of Agriculture (USDA) this year, has received $23 million in Series A funding from global software investor Insight Partners.
The company has developed a diverse suite of offerings in its attempt to create an "entirely new category of measurement and verification for red meat", from an ultrasound-backed AI prediction tool that can estimate the quality and yield of beef from live animals, through to a handheld camera device that can objectively capture quality traits in the cold room.
The MEQ Camera utilises advanced computer vision and dual-camera technology to capture marbling, ribeye area and other key traits that supply chain players are looking for, whilst ensuring every record is consistent, traceable and brand-ready.
Other offerings include a probe to assess various traits like intramuscular fat and marbling before a carcass is pre-cooled, and the MEQ Live platform that can be harnessed by producers and feedlot managers to make predictions about their herds.
The latest funding will be used to strengthen MEQ Solutions' operations, expand its team and deepen collaboration with partners in Australia, New Zealand, Brazil and the US, bringing greater precision to an industry long defined by intuition and approximation.
MEQ claims the technology helps processors optimise yield and reduce waste, while producers receiver clear, objective feedback that supports more accurate payments based on demonstrated quality rather than estimated risk.
The company believes its innovation and approval from US regulators place it at the "forefront of Australia's emerging AI-commercialisation story", demonstrating how "Australian-built technology can lead globally in transforming complex, legacy industries through applied artificial intelligence".
"As we build deeper relationships, more opportunities are emerging to collaborate and unlock new value across supply chains," says MEQ Solutions co-founder and CEO Remo Carbone.
"Insight's investment will enable us to further support our partners and grow our teams to capture the opportunity in front of us, with a particular focus on operational excellence.
"We're installing truth infrastructure for the red-meat industry, creating value, consistency and trust across the chain."
Insight Partners' global vice president Connor Guess says MEQ Solutions is well-positioned to be a category-defining company, "transforming how value is measured and shared in one of the world's largest industries".
"Its combination of hardware, software and AI-driven analytics represents the next frontier for transparency, traceability and performance in food production. We're excited to back Remo and team in this next chapter of growth."
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