The Venture Codex

Participated · Equity · Dec 2018

Changing Health provides digital behaviour-change programmes that combine app-based learning modules with professionally trained health psychology lifestyle coaches who mentor users through phone calls and digital interactions for up to 12 months. Its programmes are delivered to private and public healthcare providers and insurers and are currently adopted by 30 NHS organisations across the UK. Spun out of Newcastle University and Newcastle Hospitals NHS Foundation Trust in August 2016 by John Grumitt and Professor Mike Trenell, the company develops evidenced psychological tools integrated with technology to help users improve lifestyle habits. The company secured £3m in funding to support growth. It intends to use the funds to launch and scale two new programmes—one for people at risk of developing Type 2 diabetes and another for weight management—and to drive growth in the UK and overseas. In 2019 it plans to launch an AI platform to personalise interventions by leveraging big data to identify social, environmental or demographic factors and deliver bespoke behaviour-change support.

Participated · Series C · Jun 2018

Evolve BioSystems manufactures Evivo, a proprietary probiotic comprised of activated B. infantis EVC001 aimed at resolving infant gut dysbiosis (Newborn Gut Deficiency). Studies cited by the company show Evivo guides critical development of infants' digestive and immune systems by restoring a missing bacterium to the infant gut microbiome. The company reports that Evivo reduces potentially pathogenic bacteria by 80 percent and significantly reduces intestinal inflammation. Evolve BioSystems announced it completed a first close in a $55 million Series D round of funding. That first close was led by Cargill and Manna Tree. The company is based in Davis, CA. Evolve BioSystems is a Davis, CA–based company that develops products to establish, restore, and maintain a healthy gut microbiome. Its flagship infant probiotic product, Evivo, is an activated form of Bifidobacterium longum subsp. infantis (B. infantis EVC001). The company completed a $40M Series C financing to support growth. Evolve plans to use the funds to expand Evivo availability in the US and worldwide, develop products for age segments beyond infants, and accelerate efforts to bring a microbiome diagnostic test to market. A spin-out from the Foods for Health Institute at the University of California, Davis, the company is led by CEO Tim Brown. The Gates Foundation will expand its partnership with Evolve to investigate Evivo's potential to help infants suffering from severe acute malnutrition and to study the role of B. infantis alongside breastfeeding in supporting healthy growth and preventing infection. Evolve BioSystems develops products to establish, restore, and maintain a healthy human gut microbiome, with a focus on newborns. Its core offerings include activated probiotic and prebiotic products intended to restore the infant gut microbiome to its natural state and support proper metabolic and immune development. The company is a spin-out from the Foods for Health Institute at the University of California, Davis and is led by CEO Dr. David Kyle. Evolve is applying its discovery platform to address gut dysbiosis across the human life cycle and in various animal species. It is undertaking further clinical studies to build out its microbiome-based solutions. The company completed a $20M Series B financing to support clinical activities, operational expansion, product launches, and animal health product development. Evolve BioSystems is a Davis, California–based microbiotics company developing proprietary probiotic and prebiotic solutions to address dysbiosis in the infant microbiome. Led by CEO Dr. David Kyle, the company is undertaking multiple clinical trials to validate its assets. Evolve is a spin-out from the Foods For Health Institute at the University of California, Davis, and previously closed a seed funding round in 2014. The company completed a $9M Series A to support ongoing clinical activities, operational expansion, and preparations for commercial launch. Its product focus targets microbiome disruption resulting from pre-term birth, Caesarean-section deliveries, and exclusive use of infant formula.

Led · Series A · Apr 2017

Nutriati is an ingredient technology company led by CEO Michael Todd that researches, develops and commercializes plant-based ingredients including protein, flour and oil. Its ingredients are low in saturated fat, cholesterol-free and designed to function as heart-healthy meat substitutes. They can replace eggs, provide oil and water binding capabilities and stabilize liquid suspensions. Ingredient applications include plant-based meats, non-dairy products (cheese, yogurt, ice cream, milk) and baked/snack goods such as tortillas, pretzels, puffs, gluten-free pasta, pizza crust and bread. In September 2019 the company raised $12.7M in a Series C and intends to use the proceeds to fund R&D, increase production and add customers. The company is based in Richmond, Illinois. Nutriati develops a process to turn Canadian chickpeas into a protein powder usable as a substitute for eggs, wheat, soy and milk in bars, shakes, brownies and similar products. The company was founded in 2013 by Richard Kelly (CEO) and Michael Spinelli (CTO) and is based in the Virginia Biotechnology Research Park in downtown Richmond. Nutriati intends to use the newly raised funds to continue R&D and to commercialize its products. The product targets formulators and manufacturers seeking plant-based functional protein that can replace multiple allergenic or animal-derived ingredients. The article does not report revenue, users, or other operating metrics. Management has augmented its board in conjunction with the financing to support commercialization efforts.

Participated · Equity · Mar 2012

Allylix uses a fermentation-based, metabolic and protein engineering technology platform to produce terpenes and their derivatives for flavor & fragrance, food ingredients, cosmetics and other markets. The platform enables creation of highly pure, renewable compounds that were previously available only from limited natural resources. Allylix’s technology is protected by 57 patents and is positioned to rapidly develop and produce high-value specialty chemicals at lower cost than traditional methods. The company says it can deliver high-quality products at scalable commercial quantities and at a lower price point. Proceeds from the recent financing are intended to support development and delivery of new compounds in Allylix’s pipeline and to expand the market for its existing products. Allylix develops terpene products and their derivatives for multiple end markets including flavor and fragrance, food ingredients, pharmaceuticals, agriculture and biofuels. The company is based in San Diego, CA. Its near-term commercial focus is on three initial products for the flavor and fragrance industry. The financing described in the article is intended to commercialize those initial products and to advance other products in its pipeline. No operating metrics (revenue or users) are disclosed in the article. Allylix develops a metabolic engineering platform to enable low-cost production of terpene products through yeast fermentation. The platform is protected by 28 patents with additional applications pending and is applicable across flavors and fragrances, food ingredients, fine chemicals, pesticides/crop protection and pharmaceuticals. The company’s first product is nootkatone, a long‑lasting citrus flavor and fragrance used in food, beverage and personal care industries. Allylix plans to commercialize its first three products for the food and fragrance industry and to advance several additional pipeline products. The company previously licensed its technology for specific biofuels products in 2008. The business is based in San Diego, CA. Allylix develops chemicals for the flavor, fragrance, pharmaceutical, nutraceutical, and agricultural markets. Its products are based on terpenes and the company planned six initial products. The company said new funding will be used to launch the first three of those six products. Allylix raised $3.35M in a venture round. Investors in the round included Tech Coast Angels, Life Science Angels, Blue Grass Angels, Pasadena Angels, and Tate & Lyle Ventures; the Tech Coast Angels' lead investor on the deal was Stephen Block. Allylix maintains business operations in San Diego and research and development in Lexington, Kentucky.

Participated · Series B · May 2011

Lumora develops molecular diagnostics based on its proprietary BART Technology platform. The company is working on an integrated testing station for gastrointestinal (GI) infections and an HIV viral load monitoring system to support drug therapy in the developing world. It intends to use recently raised funds to accelerate its entry into the clinical molecular diagnostic market. Lumora was spun out from the Institute of Biotechnology at the University of Cambridge and was founded in 2002 by CEO Laurence Tisi and Jim Murray. The company is headquartered at Cambridgeshire Business Park, UK. Lumora has developed a DNA-based test intended to identify and measure specific food-borne pathogens within a matter of hours. The company was set up by Dr Laurence Tisi and Professor Jim Murray from Cambridge University's Institute of Biotechnology. Its test is described as extremely rapid, highly sensitive, cost effective and easy to use. The investment from Tate & Lyle Ventures is intended to enable production of next-generation prototypes and installation of those prototypes within a range of food sector companies. Investors and company representatives say Lumora has strong science, robust intellectual property and the potential to transform food safety and other sectors. Tate & Lyle Ventures also brings food-sector expertise which Lumora expects to leverage alongside the financing.