Elo Life Systems has recently secured a massive $24.5 million Series A financing round led by its existing investors, including AccelR8, Novo Holdings, and DCVC Bio. The company will use the funding to hasten the development of its natural, plant-based sweetener products. This includes advancing regulatory approvals, constructing pilot-scale processing capabilities, and conducting market tests with consumers. By doing so, Elo can create sweeteners 300 times sweeter than sugar without the calories or unpleasant aftertastes found in other sweeteners.
Elo’s sweeteners are designed to be used in food and beverage products. They reduce the environmental impact and costs of existing monk-fruit sweeteners imported from China by enabling the production of locally grown crops like watermelons. This unique approach has made the company’s sweeteners a hit among consumers. Elo expects to launch a Series B financing round later this year to scale further and commercialize its sweetener products. The company also plans to expand its R&D pipeline with additional healthy and sustainable ingredients.
The company also announced the achievement of strategic product development milestones related to its monk-fruit-inspired sweetener produced via watermelon and fungal-resistant cavendish banana. These sweeteners will now advance to real-world field trial evaluations in the U.S. and Central America, and the company’s sweetener will proceed into advanced formulation and application development. This achievement represents a significant milestone for the company and confirms its status as a leader in the natural sweetener space.
Finally, Elo has appointed Joan Braca as its first independent director. Braca has decades of executive leadership, and board engagements with ingredient-focused companies and will help Elo build and evolve its business to supply healthy ingredients on a global scale. Braca’s appointment reflects the company’s commitment to hiring top talent and building a diverse leadership team to help it achieve its goals.
Image provided by Elo Life Systems
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