Investment from Innovate UK & EIT Food will be used to expand New Wave Biotech’s team and explore new markets
London, 19th December, 2024 - AI bioprocess simulation software company New Wave Biotech has raised €1.2 million in its latest funding round through a mix of equity and grant funding. Funders include EIT Food (supported by the European Institute of Innovation and Technology) and Innovate UK (part of UK Research and Innovation). The funding will be used to expand its team and enable the business to target a wider range of customers.
According to McKinsey, as much as 60% of the physical inputs to the global economy could be produced using synthetic biology. However, this remains a distant concept because 90% of technologies in the synthetic biology industry fail to scale. This is because R&D is too expensive and slow - typically, it takes 3-10 years to get from lab to market, with each experiment costing anywhere between $10k-100k.
New Wave Biotech unlocks the power of biomanufacturing for the sustainable transformation of global supply chains. Biomanufacturing innovators can virtually test unlimited possibilities to help them design better, commercialise quicker and scale greener. NWB’s new Bioprocess Foresight platform simulates bioprocesses to predict quantified output, costs and sustainability impact and improves as it learns from empirical-data.
Zoe Law, CEO and Co-Founder at New Wave Biotech commented: “Access to healthy and sustainable food should be a universal right but current food production processes are harmful to the environment and threatened by climate change. From alternative proteins to biochemicals and biomaterials, bioproduction has the potential to transform our food system and supply chains for a more sustainable future. We are on a mission to accelerate these crucial technologies from lab to market. This money will be integral for us to achieve this by investing in our people, building our technology and growing our customer base.”
Adam Adamek, Chief Impact Director at EIT Food concluded: “Momentum is building toward transforming current systems for the better, driven by rising consumer demands for ethical and sustainable products and a compounding global climate emergency. We are pleased to be investing in New Wave Biotech as their committed team and leading edge technology make them perfectly positioned to explore the significant growth potential of this sector.”
New Wave Biotech’s funding round follows on from previous grant awards from Innovate UK and investment from venture capital fund Big Idea Ventures.
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