Elo Life Systems Raises $20.5M in Series A2 Funding
Elo Life Systems, a food and ingredient company based in Durham, has successfully raised $20.5 million in Series A2 funding, bringing its total funding to $45 million. The round was led by DCVC Bio and Novo Holdings, with participation from Hanwha Next Generation Opportunity Fund, AccelR8, and Alexandria Venture Investments. The additional funds will be used by Elo to expand its ingredient pipeline and safeguard staple crops, like bananas, from the impacts of disease and climate change.
Elo Life Systems is renowned for its molecular farming platform, which enables the company to produce highly sought-after ingredients that are challenging to obtain through natural sources or artificial synthesis. By leveraging their crops as biofactories, Elo is able to achieve local, commercial-scale production at a reduced cost and with a minimal environmental footprint. The company’s initial product is a natural sweetener derived from monk fruit, expected to be launched in 2026. With a sweetness surpassing that of sugar but without the calories, this sweetener has the potential to be used in various food and beverage products, allowing for the reduction of sugar and artificial sweeteners while enhancing nutrition.
The latest funding will support Elo in its continued research and innovation efforts to produce other ingredients, including novel proteins, natural preservatives, high-value flavors, and bio-actives. Elo’s ultimate objective is to offer sustainable and healthy alternatives to traditional ingredients, while also addressing the challenges posed by disease and climate change in the agricultural sector.
With this recent round of funding, Elo Life Systems solidifies its position as a leader in the molecular farming industry. Its pioneering approach to ingredient production has the potential to revolutionize the food and beverage market by providing consumers with healthier and more sustainable options.
To stay updated on Elo Life Systems and its progress in the field of molecular farming, please visit their website at elolife.com.
Analyst comment
Positive news: Elo Life Systems raises $20.5M in Series A2 funding. The funding will be used to expand ingredient pipeline and protect staple crops from disease and climate change. The company’s molecular farming platform allows for local, cost-effective production of sought-after ingredients. This positions Elo as a leader in the industry, revolutionizing the food and beverage market with sustainable alternatives. Market is expected to grow as Elo develops new products and addresses agriculture challenges.
