The spinout of Heriot-Watt University has secured $1.3m in its latest funding round, which featured a mix of existing and new investors.
Nandi Proteins, a UK-based foodtech spinout of Heriot-Watt University, obtained just over £1m ($1.3m) yesterday from unnamed new and existing investors.
Nandi Proteins has developed technology to change the structure of proteins used in food and drinks. The proteins have a wide range of applications, but are particularly effective as replacements for sugar, fat and emulsifiers to enable healthier products.
The money will support commercialisation through product trials and sample production and scale-up activities through staff recruitment.
Nandi Proteins previously obtained £660,000 from investment firm Parkwalk Advisors and investment management firm Quilter Cheviot in 2014. Commercialisation firm Frontier IP Group also holds shares in the spinout as part of its partnership with Heriot-Watt University.
Lydia Campbell, Chief Technology Officer of Nandi, said: “We are delighted to have secured this additional funding, which creates a platform for Nandi’s growth. Our technology addresses head-on some of the major ingredients issues currently facing the food industry as consumers increasingly seek healthier options.”
Neil Crabb, chief executive of Frontier IP, said: “Nandi remains a core portfolio company for Frontier IP and we are delighted to have successfully completed this financing round which will help Nandi to secure the commercialisation of its transformational technology which materially reduces sugar, fat and emulsifiers in processed foods..”
