NovoNutrients – an innovator in the biotech industry that is transforming CO2 emotions into premium protein – announced on July 16 the US$18 million first closing of a Series A financing that includes US$10.4 million in new capital, as well as the conversion of US$8 million in previously issued SAFEs.
The round was led by Woodside Energy, which focuses on global energy, and co-led by CM Venture Capital, an advanced/sustainable material investment company. Other round participants include SOSV’s IndieBio and Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures. The round has targeted additional closings that total US$23 million.
NovaNutrients’ process involves capturing industrial CO2 emissions and combining them with hydrogen to produce Novotein™, a nutritious protein ingredient that is environmentally responsible. NovoNutrients plans to utilize its asset-light strategy in licensing and strategic partnerships.
The Series A funding associated with the round will support NovoNutrients’ pilot program, team growth, and commercial partnerships. NovoNutrients has secured technology development agreements (TDAs) in the energy and nutrition sectors, including a TDA that was entered into with Woodside Energy in 2023.
David Tze, CEO of NovoNutrients, said: “This investment brings us closer to realizing our vision of a world where industrial emissions are upcycled into essential nutrients for a growing population.”
Novotein™ has already demonstrated its nutritional excellence and versatility in animal studies, which compared favorably to both traditional and emerging protein alternatives. The premium ingredient significantly reduces water and land use compared to conventional proteins.
The potential applications for Novotein™ are far-reaching and span pet food, aquaculture, and plant-based alternatives that are fit for human consumption. The versatility of the protein will help address the increasing global demand for cost-effective and sustainable protein sources across many markets.
Managing Partner of CM Venture Capital, Min Zhou, stated, “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.”
Zhou added, “Their leading-edge approach aligns with our focus on renewable carbon, advanced materials science, and hard-tech innovations. We have great confidence in the NovoNutrients team’s ability to execute their ambitious vision.”
The Series A round has marked a significant milestone for NovoNutrients as it advances its technology. The company is supported by its investors and partners and is poised to contribute significantly to global food security and industrial decarbonization. As NovoNutrietns expands its technology and partnerships, it aims to become a leading provider of sustainable protein ingredients and a key player in the global transition toward a lower carbon economy.
According to information on NovoNutrients’ website, NovoNutrients is resource efficient, allows proprietary microbes to increase, and can be abundant in some places. They are also cost-effective and hold global potential for helping change the scope of the global food economy. Their website states that their protein quality is on par with beef and superior to all plant-based alternative proteins, all at a significantly reduced cost.
