SUNNYVALE, CALIF. — In an $18 million Series A financing round, NovoNutrients said it will accelerate the development of its process, which takes industrial carbon dioxide emissions combined with hydrogen to produce proteins called Novotein. The financing also includes $10.3 million in new capital and the conversion of $8 million in previously issued SAFEs, according to the company. The round targets additional closings for a total of $23 million, the company said.
NovoNutrients said the funds also will support its industrial pilot program, team growth and commercial partnerships.
Novotein may be used in such applications as pet food, aquaculture and plant-based alternatives for human consumption.
"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.
The round was led by Woodside Energy and co-led by CM Venture Capital. Other investors included SOSV’s IndieBio and Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust and Audacy Ventures.
"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.Enjoying this content? Learn about more disruptive startups on the Food Entrepreneur page.
