YOKNEAM ILLIT, Israel – Phytolon, which makes fermentation-based food dyes, has raised $ 14.5 million in funding led by DSM Ventures, a corporate venture business of Royal DSM. Phytolon’s technology has reached a semi-industrial production scale, and Israeli-based companies are preparing for regulatory clearances in the United States and Europe.
The technology owned by Phytolon is based on technology licensed from the Weizmann Institute of Science in Israel. Phytolon Baker uses technology to make betaline pigments through yeast fermentation. The company offers colors ranging from yellow to purple for use in categories such as baked goods, confectionery items, snacks, meat substitutes, dairy items and frozen foods.
Sibas Fund, Ginkgo Bioworks (a duplicate investment in the form of a foundry service) and Trendline Agrifood Fund also contributed.
“Investments by DSM Ventures, Sibas Fund and Ginkgo Bioworks have opened the door for a wider penetration of our products into the global food industry,” said Halim Jubran, PhD, co-founder and CEO of Phytolon. “We are delighted to have new investors who share our vision to create healthy, efficient and sustainable food systems through biotechnology.”
Steve Dubin, Chairman of the Board of Directors of Phytolon, has worked with several biotechnology / nutrition companies. He was the CEO of Martek Biosciences, which DSM acquired in 2011 and was the chairman of Enzymotech.