USA – NovoNutrients, a California-based startup founded in 2017, has successfully raised US$18 million in its Series A funding round, led by Australia’s Woodside Energy and China’s CM Venture Capital.
This brings the company’s total investment to US$27 million.
The company specializes in using microbial fermentation technology to convert carbon dioxide and hydrogen into protein.
Initially focused on livestock and fish feed, NovoNutrients has expanded its scope to include human nutrition and is now venturing into the pet food market.
Unlike traditional fermentation processes seen in breweries, NovoNutrients employs a more energy-efficient method using thin-looped cylinders.
This innovation reduces the energy required to mix gases, making their operations more sustainable.
Currently, the company is constructing a pilot plant in the Bay Area, which will serve as a testing ground for its designs and microbial strains intended for future commercial-scale facilities.
David Tze, co-founder and CEO of NovoNutrients, highlighted their approach of tailoring microbial strains naturally without genetic modification to optimize production efficiency based on specific gas compositions available at partner sites.
Looking ahead, NovoNutrients aims to use data from its pilot facility to attract further investment to scale up production.
The move into the pet food market comes amidst a growing trend towards sustainable pet nutrition, with surveys indicating significant consumer interest in plant-based proteins for pets due to their climate-friendly credentials and hypoallergenic benefits.
The expansion into alternative pet food aligns with broader industry developments, where startups like NovoNutrients are pioneering new approaches to meet consumer demand for sustainable and innovative nutrition solutions.
Despite challenges in accessing capital, particularly for plant-based pet food startups, the sector shows promise with advancements in health studies, funding initiatives, and regulatory advancements.
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