Novolyze, is today announcing that it has raised €2.2 million. Of this total, €1.2 million came from private investors, family offices and business angels and the rest from public research programs and grants, including the French government’s Investissement d’Avenir fund.
Funds raised to further boost international expansion
Novolyze has offices in Europe and the United States and currently generates 97% of its revenue outside France. Since the Food Safety Modernization Act — possibly the biggest change to food safety regulations in 70 years — came into force in late 2016, the United States has contributed to 60% of company revenue.
The aim of Novolyze’s fundraising round is to speed up the pace of the commercial development of its Surronov® range of surrogate microorganisms in the United States, Europe and Asia. As they are non-pathogenic (similar to probiotics) and ready-to-use, these ranges of surrogate microorganisms can be manufactured in industrial quantities in dry form, providing a number of advantages over traditional methods such as:
- The adaptability of the surrogate microorganism ranges to a wide variety of food products
- A simplified preparation with dry-form surrogate microorganisms that can be used directly in factories from time to time to test or enhance manufacturing processes
- Thermal resistances more closely matching those of the pathogens being mimicked
- An optimum shelf life, with the product remaining stable for several months
Karim-Franck Khinouche, Novolyze’s Chief Executive Officer and founder, commented:
“We are delighted to announce today further investment from our historical shareholders and by new investors, who have seen our innovative approach and our growth potential in our target markets. Our ready-to-use products represent a major competitive advantage as we are able to offer effective control systems tailored to upstream risk processes in the agrifood industry and to enhance consumer protection even further, against the backdrop of the current focus on food safety.”