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NovoNutrients, a biotech company transforming CO2 emissions into premium protein, has announced the successful first closing of a $18 million Series A financing round.
The round was led by Woodside Energy, a global energy company, and co-led by CM Venture Capital, an advanced/sustainable material investment firm.
The funding will support NovoNutrients' industrial pilot programme, team growth and commercial partnerships as the company advances its technology to produce Novotein, a nutritious and environmentally responsible protein ingredient.
NovoNutrients' process captures industrial CO2 emissions and combines them with hydrogen to create Novotein, a complete protein with nutritional value equivalent to beef.
The company plans to utilise an asset-light strategy encompassing licensing and strategic partnerships to bring this technology to market.
"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, CEO of NovoNutrients.
Novotein has demonstrated its nutritional excellence and versatility in animal studies, comparing favourably to both traditional and emerging protein alternatives.
This ingredient significantly reduces water and land use compared to conventional proteins, making it a promising solution for the increasing global demand for sustainable protein sources.
"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.
In addition to Woodside Energy and CM Venture Capital, the round included participation from SOSV's IndieBio, Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust and Audacy Ventures.
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