Novolyze Raises $15 Million to Improve Food Safety Globally
Press release from Global Newswire
BETHESDA, Md., March 23, 2022 (GLOBE NEWSWIRE) — Bethesda, Maryland- and Dijon, France-based food safety and quality scale-up Novolyze announced today it has raised $15 million dollars in a Series A financing round that closed earlier this month.
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.
Novolyze has recently grown its presence in the U.S., France, and Serbia. In addition, 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.
“Novolyze is redefining the industry’s approach to food safety and quality,” he continued. “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.”
Praveen Sahay, Partner at WAVE Equity Partners, adds, “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.”
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. Its patented solutions offer a holistic view of process control, sanitation control, and other food safety and quality processes that can benefit from dynamic monitoring and traceability. In addition to optimizing operations, Novolyze solutions can help companies with sustainability initiatives, by providing a roadmap for decreasing energy and water use, thereby shrinking a company’s carbon footprint. For more information, visit www.novolyze.com.
About WAVE Equity Partners
WAVE Equity Partners is a Boston-based private equity firm that accelerates market validated companies solving some of the world’s greatest challenges in essential markets for clean energy, water, waste, food, and clean air. It specializes in breakthrough innovations in hard tech and manufacturing. For additional information, visit www.waveep.com.
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