By Jen McFarland, WRAL TechWire
DURHAM — Just a year after their Series A financing round of $24.5 million, Durham-based Elo Life Systems has shared the announcement of an oversubscribed Series A2.
Like last year’s funding, this round is equity-based and involves 14 investors, according to the initial SEC filing. The company has also provided a press release announcing $20.5 million raised in this round, with financing led by DCVC Bio and Novo Holdings, both of which also participated in the Series A financing. The SEC filing leaves open funding up to $25 million.
Elo Life Systems was created in 2021 after being spun off from Durham’s Precision BioSciences (Nasdaq: DTIL). Elo focuses on food production and protection through molecular farming. The company’s most well-known success has been a partnership with Dole to develop a banana resistant to fungus. Their current focus is on a sweetener derived from monk fruit that is purported to be 300 times sweeter than sugar “without the calories.” That product is expected to launch in 2026.