Food waste is more than just a costly problem; it’s a global issue with serious environmental implications. While there are various attempts to deal with food waste at the local and global levels, Singapore-based Lumitics is one such startup that aims to solve this problem with an AI-based solution that combines smart cameras and weight sensors. 

Lumitics is actively seeking to enter the Korean market through the K-Startup Grand Challenge 2024 program, a program that helps overseas startups enter Korea. The company, which has already received $1.5 million in funding from local angel investors and venture capitalists, aims to reduce food waste in the Korean market, especially in large hospitality companies such as hotels and resorts. 

The Korean government is making efforts to help not only domestic startups go global, but also foreign startups enter the country, with the opening of the Global Startup Center (GSC) this year and the creation of a special Startup Korea visa to attract foreign talent. 

While efforts to help overseas startup teams enter Korea have been ongoing for several years, Luminix has been working to strengthen partnerships with domestic hotels and related industries, from food waste treatment to food waste disposal. It will be interesting to see how these efforts will pay off in Korea. 

What problem/s are we trying to solve?

Lumitics is addressing the global challenge of food waste, particularly within the hospitality industry. Food waste not only increases food costs but also contributes to environmental degradation. By tackling this issue, Lumitics aims to help hotels reduce waste, minimize expenses, and enhance their sustainability efforts.

How are we trying to solve this problem?

Lumitics offers an AI-powered solution utilizing a smart camera and weight sensor to track and analyze food waste. By identifying the types and quantities of waste in real-time, the system empowers culinary teams to make data-driven decisions that can improve portion sizes, optimize procurement, and refine menu planning.

What are our competitive advantages over your competitors? 

Lumitics’ key competitive edge stems from its advanced AI technology that accurately identifies food waste and provides actionable insights. Unlike alternative solutions, our device is portable, operates with a single-click simplicity, and delivers exceptionally detailed data. The system offers remarkable adaptability across various cuisines and performs waste tracking without requiring additional manual input.

What is the product/service we are providing?

Our primary product is an AI-powered device that identifies, weighs, and tracks food waste in real-time. We offer it through a subscription model, managing updates, maintenance, and providing customer success support to ensure consistent use and optimal results. Lumitics has become a preferred vendor for major hospitality brands including Accor, Marriott, Hyatt, and Four Seasons, and we continue to expand our global client base.

What is the market size our product/service is targeting, and who are our key target customers?

Lumitics focuses on the global hospitality industry, with a specific emphasis on hotels and resorts where food waste significantly impacts profitability and sustainability objectives. Market estimates project the global food waste management market will reach approximately USD 60 billion by 2030, with a substantial portion concentrated in the hospitality sector. Our key customers include hotels, resorts, and large-scale food and beverage operators such as casinos, cruise lines, and airlines.

Why did we enter the Korean market, and what are we trying to achieve here?

We selected the Korean market due to its strong commitment to sustainability and advanced food service industry, making it an ideal environment for our food waste solutions. Our primary objective is to collaborate with local hotels and businesses to help them reduce food waste, optimize costs, and contribute to their sustainability targets.

What is our business model?

Lumitics operates on a subscription-based model where customers pay an annual fee for our services. This approach provides customers with continuous access to our technology, including software updates, maintenance, data analytics, and dedicated customer success support.

What have been our achievements so far, particularly in the Korean market?

We’ve made significant progress in the Korean market, establishing partnerships with several prominent hotels, including Four Seasons Seoul, JW Marriott Seoul, Grand Hyatt Incheon, and Andaz Seoul. Globally, we’ve secured partnerships with major hotel groups across more than 20 countries. These collaborations demonstrate the tangible value Lumitics brings to reducing food waste and improving sustainability in the hospitality industry.

What are our team’s competitive advantages?

Our team comprises skilled computer vision engineers and food waste management experts who are committed to delivering top-tier technology and exceptional customer success. The leadership team brings extensive experience from both the hospitality and technology sectors, ensuring our solutions effectively meet the unique needs of hotels.

What do we need most right now to enter the Korean market? 

We are currently seeking strategic partnerships and collaborations with local hotels and industry stakeholders to establish a strong and meaningful market presence in Korea.