ELO Life Systems announces more than $20 million in new financing

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Just a year after their Series A financing round of $24.5 million, Durham-based Elo Life Systems has shared the announcement of an oversubscribed Series A2.

Like last year’s funding, this round is equity-based and involves 14  investors, according to the initial SEC filing. The company has also provided a press release announcing $20.5 million raised in this round, with financing led by DCVC Bio and Novo Holdings, both of which also participated in the Series A financing. The SEC filing leaves open funding up to $25 million.

Elo Life Systems was created in 2021 after being spun off from Durham’s Precision BioSciences (Nasdaq: DTIL). Elo focuses on food production and protection through molecular farming. The company’s most well-known success has been a partnership with Dole to develop a banana resistant to fungus. Their current focus is on a sweetener derived from monk fruit that is purported to be 300 times sweeter than sugar “without the calories.” That product is expected to launch in 2026.

In total, the company has now raised $45 million. The company states that it plans to use this round of funding to “further scale and commercialize its sweetener product.” The company also plans to increase its catalog of “healthy and sustainable” ingredients and continue work on the fungal-resistant banana.

“At Elo, we’re on a mission to unlock nature’s abilities to make consumers’ favorite foods more delicious, healthy, and planet-friendly,” said Elo CEO Todd Rands in the recent press release. “With strong support from our investors, we’re well positioned to scale up our production and stay on track to launch our first product in 2026.”

Original Article Source: WRAL TechWire