By Zac Ezzone, Triangle Inno
A Durham company has secured additional capital as it nears commercialization of its first product.
Elo Life Systems has raised $20.5 million from new and existing investors, bringing the company’s total Series A round to $45 million.
Novo Holdings and DCVC Bio led the funding, which included participation from Hanwha Next Generation Opportunity Fund, AccelR8 and Alexandria Venture Investments. The raise adds to a $24.5 million funding round that Elo disclosed in early 2023. The additional capital will help Elo start scaling up production of its first product. Since spinning out of Durham-based Precision BioSciences (Nasdaq: DTIL) in late 2021, Elo has focused internally on its research and development operations. The company has reached the point where it’s ready to move externally and begin producing its product at a broader scale, said CEO Todd Rands
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