PathSpot Raises $6.5 Million in Series A Financing
NEW YORK, May 21, 2020 /PRNewswire/ -- PathSpot is the creator of a real-time hand hygiene management system that protects against the threat and spread of illness with a hand scanner that tracks handwashing frequency and effectiveness. Today, PathSpot announced the closing of $6.5 million in a Series A round led by Valor Siren Ventures I L.P. (VSV), bringing the company's total funding to $10.5 million. Formed with an anchor investment from Starbucks and in collaboration with Valor Equity Partners, VSV is a leader in early-stage food, food technology, and retail technology investing. Richard Tait, a partner at VSV, will join PathSpot's board of directors. Existing investors FIKA Ventures and Walden Venture Capital also participated with a follow on investment.
"PathSpot works alongside the food industry to promote handwashing and enhance a positive culture around sanitation, using data to help plan and protect against future risk," said Christine Schindler, CEO and co-founder, PathSpot. "I'm thrilled to partner with VSV, which comes at a time when the entire world is more conscious than ever about handwashing safety. We're eager to help positively impact even more lives more quickly and continue working with the food industry in prioritizing safe handwashing."
Thirty percent of diarrhea-related sicknesses and 20% of respiratory infections are preventable by proper handwashing, and among these are the 48 million Americans who get sick each year from foodborne illness. As an example, the spread of germs from food handlers to food accounts for 89% of all foodborne illnesses that are contracted in restaurants. In less than two seconds, PathSpot's hand scanner detects invisible signs of bacteria and viruses that cause illnesses and outbreaks. PathSpot is used by restaurants, packaging facilities, cafeterias, and farms across the country. PathSpot customers see:
- An average 3x increase in handwashing;
- Reduced instances of contaminants on hands by 75% within just 30 days (97% reduction after six months); and,
- Consistent compliance with FDA Food Code handwashing recommendations.
Before the current COVID-19 pandemic, less than 25% of US restaurants' handwashing practices were in compliance with FDA food code handwashing frequency requirements. Now, as restaurants are reopening amidst the global health crisis, a renewed interest and demand for hygiene is occurring among businesses and customers alike. Ensuring proper handwashing and employee training will be critical, as well as proactively and thoughtfully communicating these practices to customers.
"PathSpot has given us the tools to measure and improve our sanitation practices. But more importantly, working with the PathSpot team has created an even greater overall sensitivity to and awareness of food safety in our restaurants. Having already engaged the PathSpot system well before the coronavirus outbreak, I'm confident in how our team prioritizes handwashing and in this unprecedented environment, that priority will remain a critical focus," said Colin McCabe, co-founder, Chopt Creative Salad Company. Chopt is a PathSpot customer and McCabe is an early investor in the company.
Using a network of sensors plus visible, audible, and electronic cues, PathSpot immediately notifies team members when invisible contamination is detected on their hands. In the future, PathSpot will also detect on food, equipment, surfaces, and more. If the contamination or handwash frequency requirements are not addressed, notices can automatically escalate to management to ensure complete protection of the customer, brand, and bottom line in one location or across a chain. Ninety-seven percent of employees report PathSpot made them think more critically about food safety on a daily basis. PathSpot reduces management time spent on training and monitoring handwashing, including 89% of managers reporting "time-saving" when it comes to PathSpot helping them monitor handwashing and food safety.
PathSpot is the world's first real-time hand hygiene management system, protecting foodservice operators against the threat of illness and outbreaks with a device that scans employee hands to identify the presence of harmful contamination in less than two seconds. PathSpot customers see an average 3x increase in handwashing and reduce instances of contaminants by 75% within just 30 days. The patented PathSpot hand scanner monitors each employee handwash and immediately identifies gaps in sanitation at an individual employee, store, or chain level, delivering clear results through a 24/7 data dashboard and monitoring system. PathSpot was co-founded in 2017 by biomedical engineers Christine Schindler, CEO, and Dutch Waanders, CTO. Visit www.pathspot.com for more information.
View original content to download multimedia:http://www.prnewswire.com/news-releases/pathspot-raises-6-5-million-in-series-a-financing-301063797.html