Allozymes Raises $15 Million in Series A Funding, Poised to Revolutionize Industries with Enzymatic Solutions
SINGAPORE, May 14, 2024 /PRNewswire/ -- Allozymes, a leading innovator in enzyme discovery and engineering, today announced the closing of a $15 million Series A funding round led by Seventure Partners of France and Xora Innovation of Singapore. This significant investment underscores the growing recognition of Allozymes' transformative potential, accelerates its expansion into Europe, and forges strategic partnerships within the food and chemical industries while paving the way for new partnerships in the pharmaceutical and life science industry. Additionally, the funding will fuel the development of the industry's most comprehensive enzyme data library for future enzyme discovery endeavors.
New investors include NUS Technology Holdings and Thia Ventures, while SOSV, and Entrepreneur First, continued their investment in the company in this round of funding. NUS Technology Holding is the investment arm of the National University of Singapore where Allozymes' founders graduated with a Ph.D. and the company's technology was seeded during Akbar Vahid's postdoctoral research.
"We are thrilled to have secured this funding from a distinguished group of investors who share our vision for the transformative potential of enzymes," said Peyman Salehian, CEO and co-founder of Allozymes. "This investment is a testament to our progress in developing a truly unique and powerful enzyme engineering platform. We are committed to unlocking the full potential of enzymes for a more sustainable and efficient future."
Allozymes' core technology lies in its proprietary microfluidic platform, which boasts the industry's fastest enzyme screening capability, analyzing over 20 million variants per day. This translates to a 200x higher chance of success in developing custom enzymes with precise properties for specific industrial applications.
Beyond ultra-high-throughput screening, Allozymes differentiates itself through its advanced enzyme sorting and detection capabilities. This allows the company to not only identify promising enzyme candidates but also precisely match them to specific industrial needs, addressing a critical bottleneck in traditional enzyme discovery methods. Seventure Partners highlighted this unique strength as a key factor in their investment decision.
Other areas the $15 million will be deployed in are:
Global Expansion: Establishing a presence in key regions to address the diverse needs of industries worldwide.
Platform advancement: Building in-house strain engineering, bioprocess, and downstream processing capabilities to enable end-to-end development of new enzymes and strains.
Vertical Expansion Co-development: Utilizing Allozymes platform enzyme engineering to develop robust biosolutions for partners in the pharmaceutical and life science industry, enabling innovative products like sugar alternatives, sustainable production of high-value ingredients, bioremediation, and biosecurity.
The Series A funding will further empower Allozymes' development of the industry's most comprehensive enzyme data library. Powerful AI/ML algorithms will leverage this data to enable the prediction and generation of novel, robust biocatalytic solutions for various industries.
Akbar Vahidi, CTO of Allozymes, added: "Our platform represents a significant step forward in democratizing access to powerful enzymatic solutions. By providing a centralized platform for enzyme discovery and engineering, we aim to empower researchers and companies of all sizes to harness the potential of enzymes and accelerate innovation across various industries."
With this strategic investment and a dedicated team, Allozymes is poised to become a global leader in enzyme innovation. The company's groundbreaking technology offers a path toward a greener and more resource-conscious future by enabling sustainable and efficient industrial processes across diverse sectors.
About Allozymes
Allozymes is a fast-growing biotechnology company that applies its proprietary ultra-high-throughput platform technology to rapidly develop novel enzymes and unlock the bioeconomy across diverse sectors. Leveraging this ultra-high screening power, Allozymes aims to build the largest enzyme data library in the world to address the current and future needs of building robust biosolutions.
For more information, please visit Allozymes' website and also follow Allozymes on LinkedIn and X.
SOURCE Allozymes
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