The UC Davis spinout has collected $20m in series B capital from Bow Capital, a VC fund affiliated with the university.
Evolve BioSystems, a biotech spinout of University of California, Davis has closed a $20m series B round featuring Bow Capital, a venture capital fund connected to the institution.
VC fund Spruce Capital Fund, through Malaysian Life Sciences Capital Fund, led the round, with participation from Tate and Lyle Ventures, the corporate venturing arm of food processing company Tate and Lyle, Horizon Ventures and Acre Venture Partners.
Founded in 2011, Evolve is working on probiotics to support the intestinal health of newborns. The company was spun out of UC Davis’ Food for Health Institute.
The company will use the funding to develop its activated probiotic and prebiotic products and work towards commercialising its animal health products.
Tate and Lyle Ventures, Horizons Ventures and assorted angel investors previously supplied $9m in series A funding in 2015, following an investment of undisclosed size by Tate and Lyle in 2014 and a seed round of undisclosed size in 2013.
