The Future of Food: How AI Can Revolutionize the Cold Chain

A world where food waste is minimized, and the cold chain is optimized with precision. This is the vision of Ilya Preston, CEO of Paxafe, a company that's using AI technology to tackle global food waste and emissions. Preston believes that by leveraging accurate data and AI, the cold chain can be put on "autopilot," reducing product loss and greenhouse gas emissions. In an industry where food waste is a staggering problem, Preston argues that understanding the nuances of data is key to making a real impact. By analyzing data on loss rates, root causes, and areas of improvement, companies can make targeted investments to reduce waste and emissions. Paxafe's AI-enabled platform, ATHENA, uses large language models to analyze supply chain data and provide proactive suggestions for cost savings, minimizing product waste, and enhancing efficiency. The company's customers include companies in the pharmaceutical and produce industries, with a $9 million Series A funding round in May.The UN Food and Agriculture Organization estimates that over a billion tons of food is lost or wasted each year, resulting in an economic loss of around $940 billion annually. Preston stresses that there is no single solution to reduce this waste and emissions, but rather a combination of factors that need to be considered. To improve cold chain management, Preston advises companies to start by establishing a baseline of their network's performance. This involves adopting technologies that provide raw data, such as IoT devices. These devices can track real-time conditions, ensuring that perishable goods are delivered as expected. Before optimizing the cold chain, Preston emphasizes the importance of understanding what to optimize for. It's not just about financial returns; companies need to consider the bigger picture and prioritize investments in areas that will make the most impact.