US-based beverage technology company HeatGenie, which manufacturers a self-heating aluminium can, has closed a $6 million funding round led by Artis Labs with additional financing from Almanac Investments and private investors.
With this investment, HeatGenie will complete product development and move into commercialisation, working together with ready-to-drink beverage brands to launch in the marketplace.
HeatGenie’s technology, which is recyclable both before and after activation, quickly heats beverages with a twist of the lid through a solid-state thermal reaction. Beverages can be heated up in less than two minutes, allowing consumers to enjoy products such as coffee and soup on the go.
HeatGenie CEO Mark Turner said: “We have always had an incredibly positive response to our technology from CPG brands, many expressing early interest in embedding HeatGenie into products.
“Now, with a commercialised and scalable solution ready for market, we are already partnering with beverage companies eager to give consumers a simple way to instantly heat coffee, tea, soup, broth, or sake, wherever and whenever they please.”
The company said it is responding to increased consumer demand for convenient food and drink options.
Artis founder Stuart Peterson said: “As the first and only self-heating technology to meet the rigorous standards set by the industry’s biggest beverage brands, we see great potential for HeatGenie to disrupt and bolster multiple markets.
“We believe HeatGenie, its team, and platform will create new ways for all of us to enjoy instantly hot beverages, meals and more.”
Almanac Investments founder David Barber added: “HeatGenie is a fantastic example of a next-generation innovation harnessing tech to enhance the consumer experience with food and beverage. This is the only truly compelling solution ready for market today and we are proud to be involved.”
The first product including HeatGenie technology will hit the market this summer with additional releases expected later this year.
© FoodBev Media Ltd 2018