SINGAPORE, May 14, 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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