The funding will also support the company's expansion into more from-scratch work and the development of a machine learning model based on the data they have collected. The company's future plans include a possible expansion into pharmaceuticals and the opening of a U.S. office.
Key takeaways:
- Allozymes, a biotech startup, has raised $15 million in a series A funding round to expand its business and become a world-class resource. The company uses a unique method to quickly test millions of bio-based chemical reactions, creating a valuable dataset.
- The company has grown to 32 people and has 15 times the lab space since its inception in 2021. It is now capable of screening up to 20 million enzyme variants per day.
- Allozymes' technology allows for the testing of enzyme variations at a much faster rate than traditional methods. This is particularly useful in the biotech and chemical industry where enzymes are used to turn raw materials into desirable molecules.
- The company plans to expand its services to include more from-scratch work and aims to create "the biggest enzyme data library in the world". They are also developing a machine learning model based on the data they have collected.