New Wave Biotech, a company specializing in AI-driven bioprocess simulation software, has raised €1.2 million in a new funding round. The investment, which includes contributions from Innovate UK and EIT Food, will support the company’s efforts to expand its team and broaden its customer base. The funding is a combination of equity investment and grant funding.
“Bioproduction has the potential to transform our food system for a more sustainable future“
New Wave Biotech’s primary product, the Bioprocess Foresight platform, utilizes artificial intelligence to simulate and optimize biomanufacturing processes. This allows companies in the synthetic biology sector to predict key outputs, costs, and environmental impacts before committing to physical experiments.
Zoe Law, CEO and co-founder of New Wave Biotech, noted, “Access to healthy and sustainable food should be a universal right, but current food production processes are harmful to the environment and threatened by climate change. From alternative proteins to biochemicals and biomaterials, bioproduction has the potential to transform our food system for a more sustainable future.”
Scaling challenges
The funding comes at a time when the synthetic biology industry is facing challenges in scaling production. According to McKinsey, up to 60% of physical inputs to the global economy could potentially be produced using synthetic biology.
However, despite its promise, BCG reports that 90% of synthetic biology technologies fail to scale effectively, largely due to slow and expensive R&D cycles. Typically, it can take between three to ten years for technologies to move from the lab to the market, with each experiment costing anywhere from $10,000 to $100,000.
By providing a virtual testing environment, New Wave Biotech’s platform helps reduce the cost and time typically associated with R&D in biomanufacturing. According to the company, the technology enables users to simulate a wide range of bioprocesses, improving efficiency in the design, commercialization, and scaling of new products.
Adam Adamek, chief impact director at EIT Food, also commented on the investment: “Momentum is building toward transforming current systems for the better, driven by rising consumer demands for ethical and sustainable products and a compounding global climate emergency. We are pleased to be investing in New Wave Biotech as their committed team and leading-edge technology make them well-positioned to explore the significant growth potential of this sector.”
Extending the platform’s reach
This funding round follows previous grants from Innovate UK and earlier investment from the venture capital fund Big Idea Ventures. The new capital will help New Wave Biotech strengthen its position in the biomanufacturing space and support its efforts to scale its platform for broader applications in synthetic biology and alternative protein production.
Law continued, “This funding will allow us to invest in our people, build our technology, and grow our customer base, advancing our mission to accelerate these technologies from lab to market.”
