This is the first in a series of interviews with CFIN member companies that have successfully applied for and received funding.
Toronto, ON-based Index BioSystems Inc. produces BioTags that allow food and ingredients to be tracked as they move through the supply chain. The company is receiving $92,790.01 in funding through CFIN’s Innovation Booster program to complete a pilot project that aligns with CFIN’s agile and safe supply chains priority. We sat down with CEO Mike Borg to find out more about the company’s plans.
Q: What does Index BioSystems do, and how are your improving the food industry?
A: We use biotechnology to turn baker’s yeast into microscopic barcodes called BioTags. BioTags can be applied directly to food products and ingredients, while creating a secure link between a physical product and its supply chain data. This is especially important for high-volume commodity products like grain, which lose their identity as they’re co-mingled in the supply chain. BioTags enable true supply chain digitization where the source-of-origin, sustainable production methods and other critical authenticity data can be directly linked to a product itself.
Q: What is Index BioSystems’ mission?
A: We’re using biotechnology to imprint identity onto products, enabling brands to deliver a more secure and sustainable future.
Q: Why did you apply for this funding, and how will you use it?
A: Index is collaborating with industry partners to optimize an automated BioTag application system to BioTag grain and allow us to track grain through the value chain. This pilot will determine the optimal method of applying BioTags to grain products so these supply chains can truly be digitized. CFIN’s Innovation Booster will help us overcome remaining technical hurdles before commercial deployment, and the success of this project is a critical step towards the implementation of BioTags into Canada’s commodity supply chains.
Q: What excites you most about working in this area of the food industry?
A: Supply chains have been designed to combine commodities, such as grain, for processing and global distribution. This system doesn’t allow for the identity preservation of premium products unless they are segregated from their non-premium counterparts. BioTags allow you to differentiate between products that were previously unidentifiable and suffered from challenges related to ESG and sustainability. This means we can create premiums for value-add commodity products to improve quality control and reduce counterfeiting, and that’s an exciting frontier in the food industry.
Q: Why do you think public funding is important in helping companies clear innovation hurdles and access leveraged funds?
A: Startups need to be nimble in response to market opportunities, and public funding opportunities like CFIN’s Innovation Booster allow startups to make technical progress that is critical for commercialization success. Support from CFIN on this project allows us to move quickly with our partners, and ultimately increases our chances of success.
Q: Looking ahead, what’s on the horizon for Index BioSystems?
A: We’ve launched our next capital raise and are in the process of moving into a larger lab facility and growing our team. We’re now completing trials at commodity scale, where dozens of metric tons of product have been BioTagged. This sets us up for exciting trials in food retail, primary agriculture and pharmaceuticals.
Q: What are your passions or hobbies outside of work?
A: Winter sports are a favourite past time, especially hockey and snowboarding. I play on three different hockey teams and also coach my son’s team which is a lot of fun. We live right near a pond so we’ll often go out and practice together once it freezes over in the winter.
Q: If you had to pick one person to make you a meal, who would you choose?
A: Matty Matheson
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