Scottish firm Insignia will use the £865,000 investment to press on with trials in the US and Europe for the technology, which is based on what it calls a "smart pigment".
The money has been raised from investors including Equity Gap, Highland Venture Capital, the Scottish Investment Bank, the University of Strathclyde and a number of private investors.
News of the investment comes as food waste is in the headlines, following Tesco's announcement last week that it generated 30,000 tonnes of food waste in the first half of the year.
Insignia's technology is a smart label that changes colour over time to show how long a packet of food has been open.
The concept uses patented "smart pigment" technology and, according to the company, has benefits for shoppers, retailers and food producers.
The company said that the technology "removes the confusion around how long a pack has been opened [and] reduces unnecessary food waste while restoring consumer confidence in certain food categories".
Insignia chief executive David Kilshaw said the investment had given the company the opportunity to press ahead with customer trials in the UK, US and Europe.
He added: "As importantly, the investment provides the necessary funding to drive the development program being carried out by our technical team, both with regards to the existing technologies, as well as future research projects."
