Allozymes raises $20.25m to fund Europe expansion

Two new investors joined in this round of funding.

Allozymes said it raised $20.25m (US$15m) from a series A funding led by Seventure Partners of France and Xora Innovation of Singapore.

The company said this investment “accelerates its expansion into Europe, and forges strategic partnerships within the food and chemical industries whilst paving the way for new partnerships in the pharmaceutical and life science industry.”

Allozymes said the funding will also be allocated for global expansion, platform advancement, and vertical expansion co-development

This will also fund the development of an 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,” the company said.

NUS Technology Holdings and Thia Ventures were the new investors, whilst SOSV, and Entrepreneur First continued their investment in the company in this round of funding.

ALSO READ: Rize eyes tech boost, expansion through $18.95m Series A funding

"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 CEO and co-founder Peyman Salehian said.

US$1=S$1.35

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