Ingredients company Elo Life Systems announces the completion of its Series A financing round, which raised a total of $24.5M.
The funding will enable the company to accelerate development of its fruit-derived sweeteners by advancing US regulatory approvals, building pilot-scale processing capabilities, and begin market-testing its sweetener with consumers.
“This is going to be a pivotal year of growth for Elo”
Described as a next-generation ingredients company, Elo uses molecular farming (similar to precision fermentation) to produce commercially valuable ingredients that are traditionally difficult to source and extract. Through its processes, Elo says it can make these ingredients more readily available, sustainable and affordable.
One of its first innovations, a plant-based sweetener that is 300 times sweeter than sugar with no calories, has the potential to become more popular than Stevia, Elo states, and can be used in thousands of food and beverage products.Read the full article