A New Zealand biotech company has been awarded $10,000 in a food value chain pitch competition at one of the world’s leading food technology events. Auckland-based Scentian Bio took home the grand prize from the Institute of Food Technologists (IFT) annual expo in Chicago.
The IFT is a nonprofit scientific organisation focused on the advancement of food science across the globe, and gathers together manufacturers, experts, and leaders working towards this goal every year at IFT First.
As part of the event, IFT hosts The Pitch, a multi-stage pitch competition in the Startup Pavilion of the expo. This year had $15,000 prize money on offer, courtesy of the Seeding The Future Foundation – a private non-profit which provides funding to innovative projects improving the global food system.
Since The Pitch was relaunched post-Covid in 2022, it has grown in prestige and applicants. 2024 saw a field of 31 startup founders and executives enter the first round, limited to 90 second pitches.
Finalists from each round were decided by a panel of judges spanning academia, venture-capital investment groups, government, incubators, industry leaders, and startup coaches and consultants. 13 companies made it to the final round, presenting pitches on their company's potential influence on the food value chain for 2.5 minutes.
Scentian Bio came out on top, a biotech company from New Zealand which has created a synthesised insect olfactory receptor biosensor that can measure smell and taste. The company was awarded the $10,000 grand prize for its handheld biosensor, which offers real-time measurement capabilities to ensure product quality, safety, and sensory satisfaction.
Scentian Bio was the only ANZ based company to make it to the finalist list. Texas-based startup, Chainparency, and Californian biotech company, NuCicer, were runners-up – with each organisation receiving $2500 from Seeding The Future.
IFT CEO, Christie Tarantino-Dean, said that the winners of The Pitch exemplify the innovative spirit that the science of food community needs to adapt to critical challenges impacting the food supply today, and into the future.
“I congratulate and celebrate the winners and participants of this year’s competition, as well as all Startup Pavilion exhibitors who showcased their innovative solutions and products to IFT FIRST attendees, industry stakeholders, and potential funders and investors,” said Taratino-Dean.
