Brooklyn-based biotech startup Aanika Biosciences uses microbes to improve food safety and focus on trust, transparency, and traceability in food systems.
Now, the startup has announced that they will enter a first-of-its-kind bio-backed insurance agreement with Satur Farms, a specialty crop producer with operations in New York and Arizona.
Aanika Biosciences, which develops products that allow for unparalleled traceability of leafy greens, fresh produce, and other commodities, will bundle its technology with a novel parametric food recall and contamination insurance policy, allowing its technology to enable lower rates of coverage than Satur would obtain normally.
In addition to traceability, Aanika is developing next generation products to combat pathogen growth and reduce outbreaks, which will further support the ability to write risk coverage in crops that are historically plagued by food safety issues.
Aanika’s aim is to reduce the probability and magnitude of a claim through the use of its traceability and preventative technology and could soon commercialize other biotechnologies through development of various risk mitigation policies.
Not only will this provide traceability for Satur products across the Northeast, but this is one of the first biotechnology products to embed insurance coverage.
“We are forging a new path to bring the marvels of biotechnology into the mainstream, while providing a critical function for the market. Warmer temperatures are creating a significant increase in crop diseases, pathogen outbreaks and food recalls, and coupling our technology with insurance coverage helps mitigate these risks and it is how we ensure that the food system can function smoothly over the next decade.” commented Vishaal Bhuyan, CEO of Aanika Biosciences.
