PureSpace Secures 6 Billion Won Investment from Altos Ventures

Tackling Global Food Waste Reduction with Ethylene Control Technology

PureSpace, a company specializing in extending the shelf life of fresh foods, announced on December 16 that it has secured 6 billion won in Series A funding from Silicon Valley-based venture capital firm Altos Ventures.

Founded in 2018, PureSpace is a food tech startup developing a proprietary catalyst system that significantly reduces ethylene gas, which accelerates the ripening and spoilage of fruits and vegetables. While the performance of conventional ethylene removal equipment and filters has been limited, PureSpace's technology lowers ethylene to minimal concentrations, dramatically preserving the freshness of fruits and vegetables during distribution. The company confirmed that its system reduces ethylene by more than 90% in simulated real-world environment tests.

PureSpace has also demonstrated its technological capabilities through pilot tests with global distributors. In proof-of-concept tests conducted with the largest distributor in the United States, French distributor Carrefour, and Korea's Lotte Mart, the company confirmed a reduction of more than 50% in food waste and up to a twofold extension of shelf life for certain items.

As fresh food waste management emerges as a key indicator of global ESG (Environmental, Social, and Governance) management, and with discussions underway in Korea about mandatory ESG disclosures, the need for the distribution industry to respond is increasing. As a result, PureSpace and its waste reduction solutions are expected to attract significant attention.

Lee Sunyoung, CEO of PureSpace, stated, "About 40% of fruits and vegetables produced worldwide are discarded during distribution. Food waste in the fresh food supply chain is not only a cost burden for agricultural producers, distributors, and retailers, but also an urgent issue to address from the perspective of climate and resource management. With this investment, we will accelerate our global market expansion and make a tangible contribution to reducing food waste and improving profitability for distributors."