Allozymes raised $15 M Series A funding from Seventure Partners, Xora Innovation

The $15 million Series A funding round led by French investment firm Seventure Partners and Singaporean startup Xora Innovation was closed on Monday, according to Allozymes, a pioneer in enzyme engineering and discovery based in Singapore.

In a statement, Allozymes said that NUS Technology Holdings and Thia Ventures were among the new investors who took part in the funding round.

Throughout this funding round, SOSV and Entrepreneur First kept up their investments in the business.

According to Allozymes, the sizeable investment supports the growing acknowledgement of its transformative potential, quickens its entry into the European market, and creates strategic alliances in the chemical and food industries while opening doors for new alliances in the pharmaceutical and life science sectors.

Furthermore, the funds will support the creation of the most extensive enzyme data library in the industry for upcoming projects involving enzyme discovery.

Co-development, platform advancement, worldwide expansion, and vertical expansion are some more areas where the funds will be used.

According to the company, it will create a presence in strategic areas to cater to the various demands of global industries.

Additionally, it will enhance internal bioprocess, downstream processing, and strain engineering capabilities to facilitate the complete creation of new strains and enzymes.

In order to create reliable biosolutions for partners in the pharmaceutical and life science sectors, it will also make use of the enzyme engineering capabilities of the Allozymes platform. This will enable the development of novel products like sugar substitutes, sustainable high-value ingredient production, bioremediation, and biosecurity.

Allozymes stated that the Series A funding will help it even more in its efforts to create the most extensive enzyme data library in the business.

It further stated that this data will be used by strong machine learning (ML) and artificial intelligence (AI) algorithms to predict and create new, reliable biocatalytic solutions for a range of industries.

“We are thrilled to have secured this funding from a distinguished group of investors who share our vision for the transformative potential of enzymes,

“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,” said Peyman Salehian, Chief Executive Officer and Co-founder of Allozymes.