NANDI Proteins, a portfolio company of university intellectual property commercialisation specialist Frontier IP, has raised £660,000 in a funding round.
This will go towards rolling out its technology, which boosts the functional properties of common proteins.
AIM-listed Frontier IP said the round comprised capital of £575,000 from new shareholders and existing debt conversion amounting to £85,000.
Frontier's own stake in the business, which was spun out of Heriot-Watt University, will reach 21.49 per cent with the funding round. The subsequent revaluation of its shareholding shows an uplift of more than £300,000.
Nandi's new investors include Parkwalk Technology Funds and Quilter Cheviot Limited, and it helps food manufacturers consider how they can cut fats and sugars in their products "without compromising the taste experience".
Potential additional benefits include reducing cost and allowing for "clean" labelling with no e-numbers.
Frontier IP chief executive Neil Crabb said: "Nandi is at an important stage in its development with its innovative protein technology now at the point of roll-out. I am delighted with the strong support we received for this funding round, which reflects Nandi's very encouraging prospects."
Specifically, the funding provides working capital to let Nandi support the roll-out of its technology to its food industry customers and partners, boost its scientific resource and keep protecting and developing its intellectual property portfolio.
Nandi's chief executive Michael Brennand said: "This funding will enable us to work closely with our partners to take our products into the food ingredient marketplace."
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