It invented boxed wine, made Franzia the best-selling label in America, and quietly became the largest wine producer on the planet. Now the employee-owned house behind Cupcake and Chloe is buying its way further upmarket.
The company behind Penfolds spent a decade buying wine brands. Now it is cutting three quarters of them - and betting the whole business on the bottles people are willing to pay the most for.
Steric is a Culver City, California technology company that uses low-energy electromagnetic fields to adjust wine and spirits at a molecular level in seconds - improving flavor, aroma and mouthfeel without adding, filtering or aging. Its patent-pending, software-driven systems let distillers and winemakers rescue flawed batches, lock in batch-to-batch consistency, and polish premium products while preserving ABV and color. The company won the 2023 DISCUS Innovation Showcase and closed a $3.5M seed round in October 2025.