Tallinn, Estonia-based biotech startup ÄIO raises EUR 1 million in recent funding. The company announced the fundraise on February 10, 2023. Investors such as Nordic Foodtech VC, EAS and other partners provided the investment to the firm.
Purpose of financing for ÄIO
With the latest financing, the biotech startup seeks to increase its team size. It has plans to expand its production capacity. Meanwhile, AIO intends to test products in cooperation with the food industry.
Besides, the company aims to apply for novel food permits to enter the European market. By 2026, it looks forward to starting production on an industrial scale. In addition, ÄIO’s RedOil seeks to popularise its usage in cosmetic products and household chemicals, replacing lubricants and surfactants derived from petroleum or palm oil.
What the company’s officials have to say
ÄIO co-founder Nemailla Bonturi said, “Palm and coconut oils used to make plant-based meat alternatives do not deliver the same taste and mouthfeel as animal fat. Also, the production of these oils is not sustainable. They are unhealthy and can cause allergic reactions.”
Bonturi further added, “In the same way that we make kombucha, yoghurt, bread, and beer, we can turn sawdust or other low-value biomass into valuable and healthy ingredients. Our “red bug” cannot turn water into wine, but it can turn sawdust into food.”
In addition, Co-Founder Petri-Jaan Lahtvee said, “Compared to livestock farming, plant-based meat also requires 47-99% less arable land, emits 30-90% fewer greenhouse gases and uses 72-99% less water.”
Petri-Jaan Lahtvee continued, “As scientists, we were excited that years of research resulted in a real product that could revolutionize the entire food industry and consumer experience. We highly appreciate everyone who has contributed to our success story, and we will continue to develop the company and its products together with our partners, the leading investor, and the food industry. We will also continue to work with TalTech to train the next generation of bioengineers.”
What the investor has to add
Mika Kukkurainen, partner and founder of Nordic Foodtech VC, further commented, “Turning low-value side-streams into something so valuable is very futureproof and has great scalable business potential. We are happy to join ÄIO when taking the first steps outside of the university, and already looking forward to helping the team towards future success.”
About the company
In 2022, TalTech bioengineers Petri-Jaan Lahtvee and Nemailla Bonturi launched the company. The biotech startup aims to replace environmentally-depleting oils with sustainable alternatives. ÄIO’s solution based on research leverages a unique microbe (called ‘red bug’, created by Bonturi). The process involves transforming industrial side-streams into food products through a fermentation process.
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