Elo Life Systems, a North Carolina-based ingredient company, has secured an additional $20.5 million in Series A extension funding from existing investors, just a year after raising $24.5 million in Series A capital. The company, established in 2021, is dedicated to developing various technologies ranging from plant-based sweeteners to crop protection solutions.
Innovation in Food Ingredients
Elo Life’s flagship product, slated for release in 2026, is a natural sweetener derived from monk fruit, boasting a sweetness level 300 times that of sugar but without the added calories. Additionally, the company has partnered with Dole to produce a Cavendish banana resistant to fungal diseases. Elo Life is also working on creating proteins, natural preservatives, flavors, and bioactive compounds, harnessing cutting-edge technologies such as molecular farming, gene-editing, and precision fermentation.
Overcoming Challenges in Agri-Food Tech
Despite advancements, Elo Life acknowledges the challenges faced by agri-food tech companies, including unrealistic expectations from investors and inflationary pressures impacting food prices. To address these issues, Elo Life focuses on reducing costs and carbon footprints by locally producing monk fruit through molecular farming, utilizing plants as “biofactories” to cultivate the sweetener in crops like watermelons and sugar beets.
Future Plans and Expansion
The newly secured funding will fuel Elo Life’s expansion over the next two years, particularly in building its supply chain and preparing for product launches. The company also aims to enhance staple nutrition crops’ productivity and resilience to climate change in developing countries through strategic partnerships and technology development initiatives.
Path to Growth and Investment
Elo Life’s trajectory involves engaging with growers, processors, ingredient companies, and regulators to ensure a seamless transition from R&D to commercialization. The latest funding round, led by DCVC Bio and Novo Holdings, signifies confidence in Elo Life’s vision and progress, bringing the total venture-backed capital to $45 million. Looking ahead, the company plans to sustain its momentum, capitalize on emerging opportunities, and continue its mission of reshaping the future of food technology.
