If you’re in logistics, you know the frustrations of shipping anything perishable. In 2019, the USDA released data showing $160B in food waste, with 31% occurring during transport. Avanta Studios participant Fridgio aims to solve this problem through the Internet of Things (IoT). Using a proprietary blend of sensors and applications for refrigerated trucks, Fridgio helps shippers monitor and manage their freights and ensure they arrive as they are meant to.
We recently spoke with Fridgio CEO Antonio Barnes to learn more about the company and how its solution and digital marketplace aims to revolutionize the refrigerated freight industry.
What inspired you to start your company?
I realized the level of waste and cost associated with temperature-controlled shipping and started my company to solve these issues.
What is the meaning behind the name of your company?
The name comes from combining Refrigerated (Fridge) + (Input /Output) = Fridgio
Can you tell us a little bit about your company’s vision?
We built Fridgio as a cold chain management platform enabling customers to reduce waste, manage more sustainable supply chains, and ultimately operate more profitably.
Tell us more about your company. What are the benefits of your product?
Fridgio aims to reduce inventory loss, increase supply chain visibility, and decrease cold chain management expenses. We are the only digital freight brokerage platform offering end-to-end visibility of perishable freight on demand. We hope to mitigate the risk of lost inventory and increase the shelf life of products our customers consume every day. We rely on Machine Learning and Artificial Intelligence to spot data clusters to reduce risk.
In the future, our goal is to build a cold chain management platform.
Which industries do you target?
Our company targets the Food, Pharma, Life Science, and Industrial Chemicals industries. The market size spans $64B in the U.S. and over $300B globally.
What attracted you to the Avanta Studios program and what has this decision yielded for your startup thus far?
We joined Avanta Studios because the program serves as a nexus to the insurance industry, where lost inventory by service providers often gets settled with an insurance claim.
Through leveraging Avanta Ventures’ network of data scientists and risk management experts, we will see the benefits of our platform from the insurer’s perspective.
Fridgio started from a problem. We noticed how much food and perishable waste occurred every year during transport. We decided we could make it better through the IoT. Now, we’re the largest refrigerated truck network in the United States. Our approach is simple.
We developed a proprietary blend of sensors and applications for refrigerated trucks. Our system is transparent and resilient so that shippers know their freight will arrive as they intended.
Learn more here.
About Avanta Ventures Studios
Avanta Studios offers a customized approach to helping startups reach their milestones and growth. The Avanta Studios program enables startups to partner with Avanta Ventures and CSAA Insurance Group to jointly explore new markets, business models, and technologies. By joining the Avanta Studios community, you will gain valuable insights through direct access to well-established relationships within the Insurance and Mobility ecosystems.
Learn more here.