ÄIO, a Tallinn, Estonia-based biotechnology startup operating in the food industry, raised €6.1M in funding.
Beckers included Voima Ventures, 2C Ventures, SmartCap and Nordic Foodtech VC.
The company intends to use the funds to build a demo plant in Estonia to produce environmentally friendly oils and fats from wood and agricultural residues, offering an alternative to the widely used oils in the food industry.
Founded in 2022 by Nemailla Bonturi and Petri-Jaan Lahtvee as a spin-off from TalTech (Tallinn University of Technology), ÄIO has developed a method that enables the food industry to reduce its reliance on environmentally harmful animal fats, palm oil and other vegetable oils. Its solution uses specialised yeast to transform by-products from wood and agricultural processes, such as sugars extracted from sawdust, into food-grade fats and oils.
In addition to securing investments, ÄIO also received a €1.8M grant from the Estonian Business and Innovation Agency (EISA) last year to create a platform necessary for developing semi-automated strain technology, in collaboration with the Center of Food and Fermentation Technologies (TFTAK).
FinSMEs
30/09/2024