SUNNYVALE, CALIF. — Biotechnology company NovoNutrients closed its Series A funding round on July 16, raising $18 million to help fund the development of sustainable, premium proteins. The company specializes in transforming carbon emissions into premium protein, for which there are potential applications in pet food, aquaculture and plant-based human food.
The funding round was led by Woodside Energy and CM Venture Capital and received participation from SOSV’s IndieBio and Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures. With the closing of this funding round, NovoNutrients’ funding comes to a total of about $23 million.
This latest funding round will support NovoNutrients’ industrial pilot program and will enable it to expand its personnel team and advance its commercial partnerships. The company has already secured technology development agreements (TDAs) in the energy and nutrition industries. Additionally, in 2022 the company was selected to participate in Plug and Play Topeka’s accelerator program.
Leveraging a pioneering process, NovoNutrients collects CO2 emissions and combines them with hydrogen to create Novotein™, an environmentally friendly protein ingredient for use in animal and human nutrition. According to NovoNutrients, animal studies on Novotein have shown the ingredient to be high in nutrients, comparable to traditional proteins and emerging protein alternatives. Additionally, Novotein has also been shown to use significantly less water and land compared to conventional proteins.
“With this Series A financing, NovoNutrients is well-positioned to accelerate its growth and quickly become a leading supplier of CCU technology that enables sustainable protein ingredients,” said Min Zhou, managing partner of CM Venture Capital. “Their leading-edge approach aligns with our focus on renewable carbon, advanced materials science and hard-tech innovations. We have great confidence in the NovoNutrients team’s ability to execute their ambitious vision.”
The success of NovoNutrients’ Series A funding round will help the company advance its technology. The company aims to become a leading provider of sustainable protein ingredients, significantly contributing to global food security and industrial decarbonization.
“This investment brings us closer to realizing our vision of a world where industrial emissions are upcycled into essential nutrients for a growing population,” said David Tze, chief executive officer of NovoNutrients.
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