ÄIO raised €6.1M in a Series A funding round led by Voima Ventures, 2C Ventures, SmartCap, and Nordic Foodtech VC to develop sustainable oils from wood and agricultural residue.

Sep 26, 2024•11 months ago

Amount Raised

€6.1 Million

Round Type

series a

TallinnBiotechnology

Investors

Nordic Foodtech VcSmart Cap2 C VenturesVoima Ventures

Description

Biotechnology startup ÄIO has secured €6.1 million to establish a demo plant in Estonia focused on producing environmentally friendly oils and fats. This funding will enable the company to reduce reliance on harmful oils in the food industry by transforming agricultural and wood residues into food-grade oils.

Company Information

Company

ÄIO

Location

Tallinn, Harju Maakond, Estonia

About

ÄIO is a biotechnology startup founded in 2022 as a spin-off from TalTech, focusing on the development of sustainable oils derived from wood and agricultural residues. The company utilizes specialized yeast to create food-grade fats and oils, providing an environmentally friendly alternative to traditional oils in the food and cosmetics industries. ÄIO's innovative approach significantly reduces land use and water consumption compared to conventional oil production methods. The startup aims to revolutionize food production with its unique products, benefiting both industry and the environment.

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VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers