Elo Life Systems, a US-based food ingredient manufacturer, has raised $24.5 million, closing its Series A financing round, to accelerate the development of its natural, plant-based sweetener products.

With this investment, Elo Life Systems also plans to advance US regulatory approvals, develop pilot-scale processing capabilities, and market-test its sweetener with consumers.

The food technology company is said to have achieved product development milestones linked to its monk-fruit inspired sweetener produced through watermelon, and its fungal-resistant cavendish banana.

Todd Rands — Elo Life Systems CEO said: “With strong investor support united behind Elo’s commitment to improve human health and the environment, we’re unlocking nature’s abilities to make consumers’ favorite foods more delicious, healthy and planet friendly.”

“Elo’s first product – a new plant-based sweetener inspired by natural monk fruit – will eliminate excess calories in thousands of everyday food and beverage products that consumers love.”

Elo Life Systems said that its products will now proceed to field trials in the US and Central America while its sweetener will move into advanced formulation and application development.

The Series A financing round was led by current investors AccelR8, DCVC Bio, and Novo Holdings.

The food ingredient manufacturer also plans to open a Series B financing round later this year to expand and commercialize its sweetener products, and increase its research and development (R&D) pipeline.

Spun out of biotech pharmaceutical firm Precision Bio in December 2021, Elo Life Systems develops its sweetener using current agricultural systems without any added resources.

  Accelr8, DCVC Bio, Elo Life Systems, Food ingredient news, Novo Holdings, Precision Bio, Todd Rands, USA