Investment Details
New Wave Biotech, a prominent player in the field of AI-based bioprocess simulation, has successfully raised €1.2 million in its latest funding round.
This capital infusion, propelled by Innovate UK and EIT Food, will not only bolster the company’s workforce but will also pave the way for its expansion into new markets.
The financial support consists of equity investments as well as grants.
Innovative Solutions
At the heart of New Wave Biotech’s innovations lies the Bioprocess Foresight platform.
This cutting-edge tool utilizes artificial intelligence to simulate and enhance biomanufacturing processes.
For companies in the synthetic biology sector, it serves as a powerful resource, enabling them to forecast crucial outputs, costs, and environmental impacts before they conduct physical experiments.
Zoe Law, the CEO and co-founder of New Wave Biotech, noted the pressing need for healthy and sustainable food sources.
She pointed out that traditional production methods can harm the environment and are susceptible to climate change effects.
Law believes that bioproduction can revolutionize the food industry by offering alternative proteins, biochemicals, and biomaterials.
The timing of this funding comes as the synthetic biology field faces significant hurdles in scaling production.
Research from McKinsey indicates that synthetic biology could potentially generate up to 60% of the physical inputs necessary for the global economy.
Yet, a report by BCG reveals that around 90% of technologies in this sector struggle with effective scaling, mainly due to lengthy and expensive research and development processes.
Future Prospects
What sets New Wave Biotech apart is its ability to alleviate the usual financial and time constraints associated with R&D in biomanufacturing.
Their platform provides a virtual environment for testing, allowing users to explore a wide range of bioprocesses.
This not only boosts efficiency but also streamlines product design, commercialization, and scaling endeavors.
Law further expressed that this funding is crucial for attracting top talent, enhancing their technology, and expanding their customer base.
These elements are essential for their mission to accelerate the transition of groundbreaking technologies from the lab to the marketplace, harnessing the potential of natural language processing along the way.
Adam Adamek, chief impact director at EIT Food, commented on the importance of this investment, highlighting the increasing momentum towards enhancing existing systems.
He emphasized how rising consumer demand for ethical, sustainable products, combined with the urgent threat of climate change, positions New Wave Biotech as a compelling investment opportunity.
He praised the company’s dedicated team and advanced technology as key factors in its potential success.
This latest round of funding builds on previous support from Innovate UK and earlier investments from Big Idea Ventures.
The additional capital will help fortify New Wave Biotech’s stance within the biomanufacturing industry while allowing the platform to evolve for wider applications in synthetic biology and alternative protein initiatives.
Source: Vegconomist