About

Project Veltio is a food technology startup based in Thessaloniki, Greece. We have developed a patent-protected (PCT) cooking device that leverages a novel culinary technique. Our solution aims at supporting the catering sector in standardizing and automating cooking processes and inventory management problems. Project Veltio's business model is characterized by a holistic approach ranging from high-quality and safety from food supply chains to food preparation. Our founding team combines diverse backgrounds in product development & production management, sharpened by years of working in industrial settings. Our mission is to introduce Industry4.0 enablers in the foodservice sector.

Solution & Product

Project Veltio (PV) addresses significant challenges in the food service industry. Traditional processes lack efficiency, traceability, and contribute to environmental concerns. Manual methods, coupled with energy-intensive cooking, lead to inefficiencies and waste. PV's innovative solution comprises a patent-protected cooking device inspired by molecular gastronomy. This device, along with Food Capsules and PV Vendor-Managed Inventory (VMI) software, revolutionizes the entire supply chain. By integrating IoT, ERP, and Power BI, PV ensures precise control, traceability, and data-driven decision-making. The impact of PV's solution extends to social and environmental domains. Circular economy principles drive waste reduction and energy efficiency. The adaptability of PV's technology empowers local businesses, contributing to social innovation. Despite potential challenges like market adoption uncertainties, technological risks, and regulatory considerations, PV leverages robust intellectual property rights, including EP3922079A1. In essence, Project Veltio introduces a transformative solution, revolutionizing culinary processes, fostering a sustainable, socially conscious food service industry.

Innovation & Scalability

Project Veltio's scalability is exemplified through its modular design and adaptable technology. The cooking devices and CookTubes, with their versatile applications, cater to various culinary setups. For instance, small franchises can seamlessly adopt PV's solution, introducing innovative food concepts like "Perek Burek." This showcases how PV's technology is scalable across different business models, from local establishments to larger enterprises, ensuring widespread adoption and positive spill-over effects in the food service industry.

Traction & achievements

Project Veltio has achieved significant milestones, reaching Technology Readiness Level 7 for the cooking device and TRL 3 for the PV VMI software. This progress is evidenced through successful strategic pilots, demonstrations, and initial sales within the bistro bar sector. Rigorous testing and development have validated the practicality and achievability of PV's proposal. The patent protection underscores the innovativeness and viability of PV's solution, setting the stage for market deployment. PV's transformative impact is further illustrated by compelling cost savings and operational efficiencies, making the solution approximately twice as cost-effective as traditional food preparation methods. The cloud-connected appliances and PV VMI software extract valuable insights, enabling data-driven decision-making capabilities, adding to the overall viability of the project.

Team & Why Us

Konstantinos Paraskevas: With an Integrated Master's in Information and Communication Systems Engineering, Konstantinos led hardware and software development for the Veltio Cooker, showcasing expertise in PCB design and microcontroller programming. Theodoros Marioglou: A dual-role professional in PV, Theodoros, a graduate in Production and Management Engineering, excels in data analysis and supply chain optimization. Successful prototype development and patent filing highlight his multifaceted capabilities. Thanos Kozadinos: A graduate of Production and Management Engineering, Thanos serves as a Data Scientist at Informationsgruppen i Sverige AB, contributing valuable insights to the PV project, particularly in data science Why Us: The PV team's diverse skill set and collective experience in hardware development, supply chain optimization, and data science make us unique. Konstantinos' electronics and software proficiency, Theodoros' supply chain expertise, and Thanos' data science background contribute to a well-rounded team. With a proven track record in successful prototype development and patent filing, PV is a reliable and innovative force in culinary technology.

Funding Needs

To facilitate the successful growth of Project Veltio, the budget allocation is strategically outlined as follows: Year 1: Business Development: €45,000 Sales Cost: €4,000 Marketing Cost: €21,000 External Advisors: €20,000 Operating Expenses: €15,000 Rent: €4,800 Travel Cost: €2,040 Legal Cost: €8,160 Cost Of Goods Sold: €15,000 Infrastructure: €11,250 Raw Materials: €2,438 Spare Parts: €1,313 Team: €75,000 Total Expenses: €150,000 Year 2: Business Development: €95,000 Sales Cost: €12,000 Marketing Cost: €63,000 External Advisors: €20,000 Operating Expenses: €50,000 Rent: €4,800 Travel Cost: €8,000 Legal Cost: €37,200 Cost Of Goods Sold: €12,500 Infrastructure: €1,250 Raw Materials: €7,313 Spare Parts: €3,938 Team: €92,500 Total Expenses: €250,000 Year 3: Business Development: €152,000 Sales Cost: €20,000 Marketing Cost: €102,000 External Advisors: €30,000 Operating Expenses: €80,000 Rent: €30,000 Travel Cost: €16,000 Legal Cost: €34,000 Cost Of Goods Sold: €20,000 Infrastructure: €1,250 Raw Materials: €12,188 Spare Parts: €6,563 Team: €148,000 Total Expenses: €400,000 Year 4: Business Development: €92,000 Sales Cost: €60,000 Marketing Cost: €12,000 External Advisors: €20,000 Operating Expenses: €44,000 Rent: €30,000 Travel Cost: €9,000 Legal Cost: €5,000 Cost Of Goods Sold: €115,000 Infrastructure: €2,500 Raw Materials: €36,563 Spare Parts: €19,688 Team: €162,800 Total Expenses: €413,800