By Brooke Just
DURHAM, NC. — Elo Life Systems has raised $20.5 million in an oversubscribed Series A2 funding round. The funding round was led by DCVC Bio and Novo Holdings. Other investors included Hanwha Next Generation Opportunity Fund, AccelR8, and Alexandria Venture Investments. With this funding round, the company has raised $45 million to date, according to the company.
Elo Life Systems is an ingredient company for the food and beverage industry. Elo Life’s molecular farming platform produces ingredients that may be difficult to harvest from natural sources and cannot be synthesized through artificial or other techniques. The company produces easy-to-grow crops as bio factories for these ingredients, according to the company.
With the funding, Elo Life Systems said it will scale and commercialize its sweetener product, increase its molecular farming pipeline of healthy and sustainable ingredients, and expand its crop protection and productivity efforts.
“At Elo, we’re on a mission to unlock nature’s abilities to make consumers’ favorite foods more delicious, healthy and planet friendly,” said Todd Rands, chief executive officer at Elo. “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.”