French food nutrition app Foodvisor has secured funding of $4.5 million after surpassing two million users. The investment round was led by the Demeter Agrinnovation fund and supplemented by business angels and will allow the startup to accelerate its growth plans in the US.
Foodvisor was launched in 2018 in France with the mission of helping people know how to eat smart so they can live healthier and better lives. It claims to be the most advanced artificial intelligence-powered food diary, providing automatic photo recognition and personalised coaching.
The app launched in the US in September 2019 and has already 20% of its users coming from the US.
“With this fundraising, we aim to make the United States our largest market. As 70% of the Americans are overweight or obese, the US represents a big market for our company whose mission is to make nutritional coaching accessible to all,” said CEO Charles BOES.
The Foodvisor app is based on deep learning algorithms which are able to identify more than 1,200 different food items, estimate serving sizes and provide a detailed report on their nutritional content. The algorithm integrates new users’ food images into its database for future recognition.
In the coming year, the startup plans to double its team to 30 employees to tackle its three biggest challenges, including creating a strong international brand in the wellness sector and improving the app to “build the future of personalised nutrition”.