INDIANAPOLIS — Equinom secured $35 million in funding to bring more of its optimized plant proteins to market.
The Indianapolis-based company uses its proprietary Manna technology platform to breed new non-GMO varieties of key crops, including pea and soy. The technology leverages advanced algorithms to characterize biochemical and genomic traits in seeds, enabling the development of new ingredients with improved taste, color, protein content and more.
The new capital will accelerate the commercialization of Equinom’s plant-based protein ingredients, which will be sold to food companies via established multinational ingredient suppliers. The company also will invest in seed development and grain production of its ultra-high protein varieties of non-GMO soy and pea, along with research and development into ongoing breeding programs for additional protein source crops, including chickpea, fava, mung bean and cowpea.
The $35 million capital raise was led by Synthesis Capital with additional investment from Praesidium, Bunge Ventures, BayWa, CPT Capital and returning investors Fortissimo and Phoenix. It brings Equinom’s total funding to more than $71 million.“I’m excited to work with Synthesis and our other investors who clearly see the food revolution taking place and the huge opportunity to develop better plant protein ingredients — optimized from the ground up for the relevant food and beverage applications,” said Gil Shalev, co-founder and chief executive officer of Equinom. “Our investors share the understanding that good food must start with good ingredients. With this additional investment, we will be able to deliver our message, and our next generation, non-GMO ingredients to food companies who are ready to unlock category growth by delivering tastier, healthier, sustainable and affordable food options to every plate in the world.”