St. Cloud, Minnesota based Nexyst 360 filed paperwork with the SEC that it is raising $1 million in debt financing. The notice identified that the company had raised more than $510k already and was still seeking partners to finish its round of convertible debt.
Nexyst 360 is seeking to create a supply chain management platform that allows grain and other crops to be linked to the farmland on which it was grown. More than just bringing transparency to the process of shipping grain, Nexyst 360 also provides an alternative platform from home and commercial siloes, disrupting the current logistics model.
Essentially, Nexyst 360’s core offering is based on its shipping containers – the NexBox – which is a climate controlled, modular shipping container for storing and preserving grain straight from the fields in which it was grown. This platform presents a controlled, tracked environment that allows Nexyst 360 and its partners to identify and track the source of grain used in various products.
As CEO, Dana Persson described the Nexbox to Starting Up North: “The problem with today’s agriculture is the grain gets moved so many times. It degrades quality. We have all the means to track it from origin to location with quality preserved. With today’s trend of consumers wanting to know where their food came from, we take a lot of cost out of current supply chain, and hopefully deliver what the customer is looking for.”
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COO Melinda Dittmer who recently joined the company from John Deere Financial stated: “The process we use to store, transport, and market crops has been the same process for over 150 years.” Her work with Persson, is starting to change that cycle with a focus on reducing expensive infrastructure on farms and providing transparency to markets.
In the same interview with Startup up North, Persson stated: “This is definitely more disruptive than the other businesses I’ve been involved with. This is [a] potential game changer.” Persson’s background includes stints running multiple ag-related businesses, including both green-focused and ethanol cooperatives.
This game changing technology has received backing in this round of convertible financing, and it recently won the Minnesota Cup, which is a competition for startups in Minnesota, entitling the company to prizes of approximately $30k.
For more information about the company, check out its website at www.nexyst360.com.
