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Sumitomo Corporation Group Announces Partnership with TruTag Technologies; Plans Security and Tech Enhancements across Global Supply Chains
NEW YORK, Dec. 4, 2017 /PRNewswire/ -- Sumitomo Corporation of Americas ("SCOA") and Sumitomo Corporation (together "Sumitomo Corporation Group"), an integrated global trading and investment enterprise, is pleased to announce its investment in TruTag Technologies ("TruTag") through the Presidio Ventures SCOA Fund, LLC, Sumitomo's platform for investing in startups. TruTag is the first investment made through the Presidio Ventures SCOA Fund.
TruTag is the world leader for precision fabrication of nano-porous silica, advanced mobile hyperspectral imaging, and data management to provide a complete product identity and supply chain security solution to improve the safety, traceability, and authenticity of branded products across broad industries. Applications include edible on-product identity solutions for food and medicine; and secure labels and documents for businesses and governments. In addition, TruTag's advanced spectral and spatial imaging products are expanding into agricultural management, smart farming, machine vision, biomedical imaging and point-of-care diagnostics.
"Sumitomo Corporation of Americas is excited to partner with TruTag and their impressive technology platform," said Tom Wada, General Manager of Sumitomo Corporation of Americas' Silicon Valley office. "We are confident that our deep-rooted relationships and existing partnerships across numerous industries will provide TruTag tremendous expansion, while deeply enhancing security and traceability throughout the supply chain of these networks."
TruTag Technologies and Sumitomo will collaborate to bring TruTag's technology platform to diverse markets and industries where Sumitomo has deep business experience and relationships across the world. The partnership will adapt TruTag's technology platform for product identity, traceability, and supply chain management of various Sumitomo divisions worldwide.
"We are looking forward to collaborating with Sumitomo Corporation of Americas to build a globally-focused and comprehensive product identity partnership that will have a tremendous impact on Sumitomo's existing markets as well as drive successful expansion of TruTag's technology platform into exciting new industries. We are excited to work with a company of Sumitomo's caliber and to mutually provide an industry-leading product identity platform across diverse markets with significant real-world impact to brand protection, product traceability, and consumer safety," said Michael Bartholomeusz, Chief Executive Officer of TruTag Technologies.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has nine offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world's leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. Its core business units include Tubular Products, Environment and Infrastructure, Steel and Non-Ferrous Metals, Transportation and Construction Systems, Chemicals and Electronics, Media and IOT Applications, Real Estate, Mineral Resources and Energy, and Food. For more information, visit www.sumitomocorp.com.
About the Presidio Ventures SCOA Fund, LLC
Founded in 1998, Presidio Ventures is the wholly-owned early-stage investment vehicle for Sumitomo Corporation Group. Through Presidio Ventures, Sumitomo Corporation and Sumitomo Corporation of Americas invest in new and innovative technology companies to grow their products and services and create potentially new business models or partnerships with existing businesses. In April of 2017, Sumitomo Corporations of Americas opened an office in Silicon Valley to work in lockstep with Presidio, harnessing their decades of expertise and human networks to permeate the VC community within the Valley. From this partnership came the Presidio Ventures SCOA Fund, LLC, an investment vehicle established in July of 2017, which allows the partnership to make quick decisions and accelerate new business creation, as well as strengthen, streamline and expand existing businesses.
About TruTag Technologies
TruTag Technologies, Inc. is a leading security and technology solution provider serving businesses and governments around the world. TruTag has the most advanced precision-fabricated, cGMP nano-porous silica manufacturing operation in the world for a variety of applications and security solutions, including product identity for food, medicine, secure labels and documents. The company's highly-specialized nano-porous silica particles extend to precision drug delivery systems for the biopharmaceutical industry. TruTag's nano-fabrication technology platform is complemented by its advanced hyperspectral imaging solutions, which can be applied to a broad array of market applications from medical diagnostics to machine vision.
TruTag Technologies has been recognized by the SPIE Prism Awards, Frost & Sullivan, the Edison Awards, Fast Company, and R&D 100, and was selected a Technology Pioneer by the World Economic Forum as one of the most influential technology companies in the world. Learn more at www.TruTags.com.
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SOURCE Sumitomo Corporation of Americas
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