SINGAPORE-BASED foodtech startup, Alchemy FoodTech, has secured a seven-digit investment in a pre-series A round led by Heritas Capital Management, and co-led by Seeds Capital, the investment arm of Enterprise Singapore. The full amount was not disclosed.
Alchemy, which specialises in the development of lower Glycemic Index (GI) carbohydrates to tackle diabetes, said the funding will fuel its next stage of technology and product development, talent acquisition and manufacturing capabilities.
The investment will also be used to further develop the firm's proprietary technology platform, complete clinical studies, and accelerate co-development projects with food manufacturers to incorporate Alchemy's technology into everyday staples.
Among other things, the firm's invention, 5ibrePlusTM, aims to tackle diabetes by altering the GI and increasing the fibre content of common white refined carbohydrate staples such as white jasmine rice, bread and noodles, "without changing the taste, texture and colour of the food".
Said CEO and executive director of Heritas Capital Management, Chik Wai Chiew: "Heritas invests in promising ventures across the healthcare space including therapeutics, wellness and preventive care tackling the huge challenges facing Asian populations.
"We believe healthier diet is a key component, and the Alchemy team has what it takes to make existing Asian staples better for health without having to modify taste preferences and hence promote stronger adoption and health outcomes."
According to the Asian Diabetes Prevention Initiative, 60 per cent of the world's diabetics live in Asia. And with one in nine Singaporeans having diabetes, the government has also declared a "war on diabetes" in recent years, in a bid to raise awareness about the illness, and generate community-based recommendations.
Noted Alchemy's CEO, Alan Phua: "Our mission is to fight diabetes with food innovation, and yet without changing lifestyle habits so as to achieve the greatest compliance and adoption. This round of investment allows us to work with partnering food manufacturers to customise solutions for them, and conduct pilot commercial trials with them."
He added: "Several food manufacturers who care for their customers have already expressed strong interest and we have commenced application projects."