NC-based Elo Life Systems secures $20.5million in series A2 round funding. The round was jointly led by DCVC Bio and Novo Holdings. They are joined by Hanwha Next Generation Opportunity Fund, AccelR8, and Alexandria Venture Investments. Elo has raised a total of $45 million to date.
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This latest round of funding will help the company further scale and commercialize its sweetener product; increase its molecular-farming pipeline of healthy and sustainable ingredients; and expand its crop protection and productivity efforts, including work to save the banana from extinction.
Elo CEO Todd Rands said, “At Elo, we’re on a mission to unlock nature’s abilities to make consumers’ favorite foods more delicious, healthy and planet friendly, With strong support from our investors, we’re well positioned to scale up our production and stay on track to launch our first product in 2026.”
Stephen Van Helden, principal in the Bioindustrial Investments group at Novo Holdings US said, “Molecular farming will allow our food system to meet the needs of the world’s growing population while reducing the resources needed to produce nutritious food, Elo’s approach – together with cutting edge science and an experienced management team – is aligned with Novo Holdings’ purpose to deliver scaled solutions for better societal and planetary outcomes.”
Elo’s first molecular-farming product is the “holy grail” of sweeteners – a natural, monk-fruit derived sweetener that is 300 times sweeter than sugar without calories.
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Launching in 2026, it can be used in thousands of food and beverage products to reduce sugar and artificial sweeteners while enhancing nutrition. The company is also exploring the production of other ingredients, including novel proteins, natural preservatives, and high-value flavors and bio-actives.
Kiersten Stead, managing partner, DCVC Bio.“Elo’s sweetener will be a major catalyst in the effort to lower sugar in our diets, improving human health and reducing the societal burden associated with chronic diseases, said, Meanwhile, their efforts to protect and improve the productivity of staple crops like the banana will have a meaningful impact on the food billions of people rely upon every day.”
About Elo Life Systems
Elo is reimagining the future of food – focusing on ingredients that empower consumers to feel good about the food they eat every day. From unique plant-based sweeteners to saving crops like the banana from extinction, Elo harnesses the untapped potential of nature to make food tastier, healthier and resilient while requiring less from the planet.
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