The Israeli company Phytolon, which is known for developing a fermentation-based technology for the production of plant-based food colors, announced on Thursday that it has secured $4.1 million from various companies and investors.
Some of the companies and investors providing the funding include major companies such as Millennium Food-Tech, EIT Food, Consensus Business Group, The Trendlines Group and also the Israel Innovation Authority. Phytolon's innovative products utilizes scientific advancement in biotechnology to produce natural food colors that are more environmentally sustainable, driven by the fact that consumers are seeking healthier food colors to replace synthetic ones.
Phytolon, founded in 2018 as part of a license technology agreement with the Weizmann Institute of Science, uses fermentation-based technology to produce its colors. The company has also won numerous awards at science competitions for its work, including MassChallenge Israel 2020, AgriVest 2019 and Slingshot 2019. Likewise, Phytolon is currently engaged in proof-of-concept experiments of its product on the production lines of major food companies.
Phytolon CEO Dr. Halim Jubran remarked in light of securing funding: “This round will enable us to reach the market with our healthy and sustainable food colors that offer a high quality and cost-efficient solution to the food industry. The new round will also promote our collaborations with our potential clients, with whom we have been in communications during the past year and a half.”
Prof. Asaph Aharoni, a key inventor of Phytolon’s technology from the Weizmann Institute of Science added: “Phytolon’s success provides an excellent example of how cutting-edge, basic science sets the stage for novel applications in the industry. Phytolon’s product is a step forward towards reducing the segment of synthetic chemistry and increasing sustainability of natural resources for the food industry.”