A year after securing $24.5 million in Series A capital, ingredient company Elo Life Systems is back with a $20.5 million Series A extension from existing investors.
This time, DCVC Bio and Novo Holdings jointly led the funding and were joined by Hanwha Next Generation Opportunity Fund, AccelR8 and Alexandria Venture Investments. This new cash infusion gives Elo Life $45 million in venture-backed capital to date.
Elo Life CEO Todd Rands said the company planned for another round of funding late last year or early 2024, and the extension, or Series A2 round, could grow. He declined to comment on company valuation other than to say “it was not a down round.”
“We’ve generated value and critical momentum over the past two years in building a seasoned management team, expanding our technical, manufacturing and commercial capabilities and achieving product milestones,” Rands told TechCrunch via email.Read the full article