Self-heating beverage technology poised for market launch
24 Jul 2018 --- Self-heating beverage technology company HeatGenie has closed US$6 million in funding to facilitate launches in the ready-to-drink (RTD) marketplace. The funding is led by ARTIS Labs with additional financing from Almanac Investments and private investors. With this round of funding, HeatGenie will complete product development and move into commercialization, working together with ready-to-drink beverage brands to launch in the marketplace.
HeatGenie brings the consumer packaged goods market a safe, patented, self-heating innovation that integrates into packaging, allowing consumers to heat drinks on-the-go. HeatGenie's technology, which is environmentally safe and recyclable both before and after activation, simply and quickly heats beverages with a twist of the lid through a solid-state thermal reaction. For consumers, who increasingly value convenience, this means a portable, single-use solution for hot beverages in less than two minutes.
“We have always had an incredibly positive response to our technology from CPG brands, many expressing early interest in embedding HeatGenie into products,” says Mark Turner, HeatGenie CEO. “Now, with a commercialized 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.”
Demand for on-the-go convenience continues to rise
With global lifestyle demands for convenient food and drink options rising, the marketplace demand for self-heating food packaging across regions continues to increase, and is expected to maintain healthy growth, according to HeatGenie.
“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,” says Stuart Peterson, founder of ARTIS. “We believe HeatGenie, its team, and platform will create new ways for all of us to enjoy instantly hot beverages, meals and more.”
“HeatGenie is a fantastic example of a next-generation innovation harnessing tech to enhance the consumer experience with food and beverage,” says David Barber, Almanac Investments founder. “This is the only truly compelling solution ready for market today and we are proud to be involved.”
Offering a streamlined solution for large-scale production quantities into the tens of millions of units, HeatGenie's proven heating technology and flexible design enable a beverage or drink brand to deliver an elegant solution that can scale with CPG needs. The first product including HeatGenie technology will hit the market in Summer 2018 with additional releases expected later that year.
