Novolyze recently announced the conclusion of a Series A funding round where the company raised $15 million. Working to enhance food safety and quality performance, the French company will use this newly raised money to scale their business and reach the global food and beverage industry.
Novolyze has been developing an innovative technology, funded by the European Innovation Council, consisting of a cloud-based software solution, that integrates with equipment already in place at manufacturing plants, to collect data in real time for continuous analysis. This innovation uses algorithms to determine if a change in set parameters leads to a risk at a specific stage of food processing. Their major goal is to minimise largely preventable foodborne diseases by monitoring and verifying the parameters that have been set during food manufacturing.
Now, with the additional capital of the Series A funding round led by WAVE Equity Partners, Novolyze is “Scaling our business to reach the global food and beverage industry, by fast-tracking our feature enhancements in process control, environmental monitoring, and sanitation control, as well as building additional modules to address the varied needs of our customer base. We are currently hiring across the board and are building our teams to ramp up the onboarding and implementation of innovative solutions in all segments of the food industry.”, told us Karim Franck-Khinouche, Founder and CEO of Novolyze.
Furthermore, the EIC-funded scale-up will also use this investment to help their clients increasing the environmental sustainability of their business: “Novolyze cares deeply about our industry’s impact on the environment. This investment is important to us, because we will use it to expand access to our industry-leading digitalization tools, thereby helping our customers provide safer and higher quality food, while ensuring traceability and while meeting their rising sustainability goals.”.
With a steady strategy to spread their solutions globally, Karim also talked about the good feedback from their international clients: “The past year Novolyze has experienced rapid growth in both Europe, and with our new U.S. operations also in North America. We are changing the way the world’s largest food and beverage companies are approaching their food safety and quality programs. Our customers love how our solutions are solving their biggest challenges, and they appreciate that we are a food safety and quality company at heart.”.
Novolyze received a Phase 2 grant from the European Innovation Council to work on reducing foodborne illness outbreaks by proposing more robust, preventive pathogen control programmes using the latest digital developments, IoT and machine-learning.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.