New Wave Biotech raises over $1.2M for its its AI-driven bioprocess simulation software

New Wave Biotech, a London-based startup specializing in AI-driven bioprocess simulation software, has successfully secured €1.2 million in its latest funding round. This significant investment, comprising both equity and grant funding, will enable the company to expand its team and explore new markets and customers.

The funding round saw contributions from notable investors, including EIT Food, supported by the European Institute of Innovation and Technology, and Innovate UK, part of UK Research and Innovation. This latest influx of capital follows previous grant awards from Innovate UK and investment from the venture capital fund Big Idea Ventures.

Founded in 2022 by CEO Zoe Yu Tung Law and CTO Oli Hall, New Wave Biotech is on a mission to revolutionize the bio-manufacturing industry. The company's primary product, the Bioprocess Foresight platform, utilises artificial intelligence to simulate and optimise bio-manufacturing processes

This innovative technology allows companies in the synthetic biology sector to predict key outputs, costs, and environmental impacts before committing to physical experiments. By providing a virtual testing environment, New Wave Biotech's platform aims to reduce the cost and time typically associated with R&D in bio-manufacturing.

The potential impact of New Wave Biotech's technology is significant. According to McKinsey & Company, up to 60% of the physical inputs to the global economy could potentially be produced using synthetic biology. However, the industry faces substantial challenges in scaling production. BCG reports that 90% of synthetic biology technologies fail to scale effectively, largely due to slow and expensive R&D cycles. Typically, it can take between three to ten years for technologies to move from the lab to the market, with each experiment costing anywhere from €10,000 to €100,000.

Zoe Yu Tung Law, CEO and co-founder of New Wave Biotech, emphasized the importance of their mission: "Access to healthy and sustainable food should be a universal right, but current food production processes are harmful to the environment and threatened by climate change. From alternative proteins to biochemicals and biomaterials, bioproduction has the potential to transform our food system for a more sustainable future".

The newly acquired funding will play a crucial role in advancing New Wave Biotech's goals. Law stated, "This money will be integral for us to achieve this by investing in our people, building our technology and growing our customer base".

Adam Adamek, Chief Impact Director at EIT Food, expressed enthusiasm about the investment: "Momentum is building toward transforming current systems for the better, driven by rising consumer demands for ethical and sustainable products and a compounding global climate emergency. We are pleased to be investing in New Wave Biotech as their committed team and leading-edge technology make them perfectly positioned to explore the significant growth potential of this sector".

As New Wave Biotech continues to grow and develop its AI-powered process simulation technology, it aims to address the pressing challenges faced by the synthetic biology industry. By helping biotechnologies scale quicker, cheaper, and greener, the company is poised to play a significant role in transforming global supply chains and contributing to a more sustainable future.

With this latest funding round, New Wave Biotech is well-positioned to strengthen its position in the bio-manufacturing space and support its efforts to scale its platform for broader applications in synthetic biology and alternative protein production. As the company expands its team and customer base, it moves closer to its goal of accelerating crucial technologies from lab to market, potentially revolutionising the food system and supply chains for a more sustainable future.

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