FRANCE – France-based food safety and quality tech-enabled solutions provider Novolyze has raised U.S$ 15 million in a Series A financing round that closed earlier this month to accelerate feature enhancements to its digitized solutions.
The Series A funding round was led by WAVE Equity Partners, a Boston-based private equity firm investing in clean energy, food, water, and materials companies with proven transformational technologies with participation from the European Innovation Council (EIC), and Liberset.
Novolyze will use the new investment to hire additional employees and expand its digitalization solutions for food safety and quality processes.
“We are excited to announce the close of our Series A round of fundraising! Thank you to our lead investor @WAVE_Fund for their support, and to European Innovation Council (EIC), and Liberset for their participation,” the company said in a tweet.
Novolyze has recently grown its presence in the U.S., France, and Serbia. Moreover, 20 of the world’s top 100 food companies, such as Nestlé, MARS, ADM, Cargill, and Olam, now use a Novolyze product to help mitigate risks, ensure compliance, augment plant performance, and increase sustainability.
“With this new round of funding, we can accelerate feature enhancements to our new digitalized solutions for Environmental Monitoring, Process Control and Sanitation Control,” said Karim Franck-Khinouche, Founder and CEO of Novolyze.
He stated that Novolyze was redefining the industry’s approach to food safety and quality.
“When we noticed food companies were using inefficient manual processes, taking a lot of time and resources to manage their process control and environmental monitoring, we knew there was a better way. Digitalization is not just about eliminating paper-based processes; it’s a deeper transformation with a profound positive impact on our customers’ operations,” he added.
According to Praveen Sahay, Partner at WAVE Equity Partners, global leaders across the food industry are turning to Novolyze to digitally transform antiquated processes to improve efficiency, scale, and sustainability.
Most importantly through Novolyze’s technology, top food companies can cost-effectively provide higher quality and safer products to consumers.
“WAVE could not be more thrilled to support the tremendous team at Novolyze in their important mission,” Sahay said.
Founded in 2012, Novolyze enables the world’s largest food production companies to reduce redundancies and increase efficiencies by digitalizing food safety and quality processes.