DURHAM – Elo Life Systems, manufacturer of a monk fruit-based sweetener product for use in food and beverages, has hit major milestones in product development and has closed $24.5 million in a Series A funding round.
The company announced the news on Wednesday, and in a statement added that the company is set to open a Series B round later this year.
“With strong investor support united behind Elo’s commitment to improve human health and the environment, we’re unlocking nature’s abilities to make consumers’ favorite foods more delicious, healthy and planet friendly,” said Todd Rands, CEO of Elo, in a statement. “Elo’s first product – a new plant-based sweetener inspired by natural monk fruit – will eliminate excess calories in thousands of everyday food and beverage products that consumers love.”
Along with the monk fruit sweetener, the company is developing a fungal-resistant cavendish banana, and announced in a statement that it will advance product development to “real-world field trial evaluations.”Read the full article