SINGAPORE,
May 13,
2024 /PRNewswire/ -- Allozymes, a leading innovator
in enzyme discovery and engineering, today announced the closing of
a $15 million Series A funding round
led by Seventure Partners of France and Xora Innovation of Singapore. This significant investment
underscores the growing recognition of Allozymes' transformative
potential, accelerates its expansion into Europe, and forges strategic partnerships
within the food and chemical industries while paving the way for
new partnerships in the pharmaceutical and life science industry.
Additionally, the funding will fuel the development of the
industry's most comprehensive enzyme data library for future enzyme
discovery endeavors.
New investors include NUS Technology Holdings and
Thia Ventures, while SOSV, and Entrepreneur First, continued their
investment in the company in this round of funding. NUS Technology
Holding is the investment arm of the National
University of Singapore where Allozymes' founders graduated
with a Ph.D. and the company's technology was seeded during
Akbar Vahid's postdoctoral
research.
"We are thrilled to have secured this funding
from a distinguished group of investors who share our vision for
the transformative potential of enzymes," said Peyman Salehian, CEO and co-founder of
Allozymes. "This investment is a testament to our progress in
developing a truly unique and powerful enzyme engineering platform.
We are committed to unlocking the full potential of enzymes for a
more sustainable and efficient future."
Allozymes' core technology lies in its
proprietary microfluidic platform, which boasts the industry's
fastest enzyme screening capability, analyzing over 20 million
variants per day. This translates to a 200x higher chance of
success in developing custom enzymes with precise properties for
specific industrial applications.
Beyond ultra-high-throughput screening, Allozymes
differentiates itself through its advanced enzyme sorting and
detection capabilities. This allows the company to not only
identify promising enzyme candidates but also precisely match them
to specific industrial needs, addressing a critical bottleneck in
traditional enzyme discovery methods. Seventure Partners
highlighted this unique strength as a key factor in their
investment decision.
Other areas the $15
million will be deployed in are:
Global Expansion: Establishing a presence in key
regions to address the diverse needs of industries worldwide.
Platform advancement: Building in-house strain
engineering, bioprocess, and downstream processing capabilities to
enable end-to-end development of new enzymes and strains.
Vertical Expansion Co-development: Utilizing
Allozymes platform enzyme engineering to develop robust
biosolutions for partners in the pharmaceutical and life science
industry, enabling innovative products like sugar alternatives,
sustainable production of high-value ingredients, bioremediation,
and biosecurity.
The Series A funding will further empower
Allozymes' development of the industry's most comprehensive enzyme
data library. Powerful AI/ML algorithms will leverage this data to
enable the prediction and generation of novel, robust biocatalytic
solutions for various industries.
Akbar Vahidi, CTO
of Allozymes, added: "Our platform represents a significant step
forward in democratizing access to powerful enzymatic solutions. By
providing a centralized platform for enzyme discovery and
engineering, we aim to empower researchers and companies of all
sizes to harness the potential of enzymes and accelerate innovation
across various industries."
With this strategic investment and a dedicated
team, Allozymes is poised to become a global leader in enzyme
innovation. The company's groundbreaking technology offers a path
toward a greener and more resource-conscious future by enabling
sustainable and efficient industrial processes across diverse
sectors.
About Allozymes
Allozymes is a fast-growing biotechnology company
that applies its proprietary ultra-high-throughput platform
technology to rapidly develop novel enzymes and unlock the
bioeconomy across diverse sectors. Leveraging this ultra-high
screening power, Allozymes aims to build the largest enzyme data
library in the world to address the current and future needs of
building robust biosolutions.
For more information, please visit Allozymes' website and also
follow Allozymes on LinkedIn and X.
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SOURCE Allozymes