The Phyx44 team
Phyx44, a biotech-enabled food science startup based in Bengaluru, India, has secured US$1.2 million in seed capital led by Better Bite Ventures.
Ahimsa VC, PeerCapital, Spectrum Impact, Rohit Gulati (MD & Partner at Boston Consulting Group), Sandhya Sriram (CEO, Shiok Meats), Big Idea Ventures, and Humane Society International also participated.
The startup will use the money to accelerate R&D, expand the team and work on the co-development of product formulation with key partners.
Founded in early 2021, Phyx44 develops animal-free milk proteins and fats for use in dairy products. It bets on microbial fermentation as the best way to replicate dairy. This technology teaches microbes to do what a cow or buffalo would do inside its cells.
Unleashing the power of these microbes will be instrumental in reducing animal suffering, land and water use, and greenhouse gas emissions from dairy production globally.
Also Read: Better Bite Ventures launches US$15M fund for early-stage alt-protein startups in Asia
The team at Phyx44 has already made whey and casein proteins (found in traditional milk) at the lab scale.
Phyx44’s products can be used in various applications, including ice cream, cheese, and baked goods, advancing the alternative dairy sector across dimensions of taste, functionality, and accessibility.
The company’s first product is expected to launch in 2024 in Singapore and India.
“We’re one of the very few companies working on key fat components alongside key dairy proteins because we believe this will go a long way in our ability to create a superior product,” said Bharath Bakaraju, Founder of Phyx44.
“The intersection of India being an agrarian economy, the largest producer and consumer of dairy, and a huge pharma producer provides a massive opportunity for Phyx44 to serve global demand for dairy ingredients and products sustainably,” said Jinesh Shah, Chief Investment Officer at Ahima VC.
“We believe that Phyx44 will leverage the base in India and provide affordable, sustainable dairy proteins and fats to partners and consumers globally. With its biotech infrastructure and talent pool, India can be the smart protein factory of the world,” said Michal Klar, Founding Partner at Better Bite Ventures.
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