BioIntelligence Technologies raises $5M to Accelerate Growth in America and Europe
The Quebec-based company has raised $5M to Accelerate Growth in America and Europe. The investment will support the growth strategy with key hires and strategic partnerships.
SHERBROOKE, QC, April 25, 2024 BioIntelligence Technologies, who has developed an AI powered solution to eliminate losses in products and to reduce the consumption of water and energy and the emission of CO2 in industrial bioprocesses using fermentation, announced today the recent closing of $5M in funding led by Amplify Capital (Toronto) and joined by Investissement Québec, Real Ventures, Anges Québec and AQC Capital (Montreal), and by Innospark Ventures (Boston).
''This funding is a testament to the uniqueness and unlimited potential of the Company's innovative technology and will allow BioIntelligence to further develop its technology and accelerate growth.'' said CEO and founder, Joel Sirois.
The BioIntelligence Analytics Solution™ (BAS™) is a turnkey solution developed to measure directly in fermenters and bioreactors the evolution of microorganisms, their consumption of nutrients and their synthesis of products, while performing advanced customized analytics in real-time for plant operators.
Bacteria, yeast, fungi, microalgae, and other microorganisms are utilized in bioprocesses to transform sugars and other nutrients into high-value products such as biofuel, biofertilizers, biopesticides, biocosmeceuticals, and more. Even though these processes are generally more sustainable than traditional chemical processes, they suffer from significant losses in products, and from using significant amount of water and energy.
The BAS™ provides live key information to operators to detect and eliminate process deviations and contaminations. By reducing process deviations and contaminations with the BAS™, industrial biotechnology companies will increase the productivity of their facilities and accordingly, significantly reduce the consumption of water and of energy while reducing the amount of generated CO2. The BAS™ is already commercial with industrial clients in North America and in Europe.
Daniel Armali, Partner at Amplify Capital who led the funding round, explains "The transition from petroleum-based to biological processes is not just a shift; it's a revolution in how we think about and interact with our environment. Precision and consistency have long been the Achilles' heel of biological processes, but with BioIntelligence Technologies, we're seeing these barriers crumble. The Founder and CEO, Joel Sirois, who I had been tracking for close to two years prior to investing, has dedicated decades to mastering these complexities, making him a global beacon in this field. His relentless pursuit of excellence and BioIntelligence's groundbreaking solutions, particularly in real-time monitoring and advanced analytics of fermentation processes, are poised to redefine industry standards. We are thrilled to lead this investment round alongside new and existing investors, supporting a technology that's set to catapult the bioeconomy to unprecedented heights, all while aligning seamlessly with existing industrial infrastructures and across any bioindustry. This isn't just an investment; it's a commitment to a sustainable, bio-integrated future, and we couldn't be more excited to be at the forefront of this transformative journey."
Kalthoum Bouacida, Partner at AQC Capital noted "AQC Capital is proud to invest in BioIntelligence, a pioneering company in the integration of innovative instruments into industrial biotechnology processes. This investment underscores our commitment to supporting cutting-edge technologies with the potential to revolutionize their industry."
Mark Paulin, an Angel Investor member of Anges Québec added "The timing seems excellent for BioIntelligence. Not only is their go-to-market strategy well established with major industrial accounts around the world, but their customers are ready to test the new technology in their facilities, leading to a land & expand approach."
Matt Fates, Partner at Innospark Ventures and member of the Board of Directors concluded "The blend of the team's expertise, alongside their significant achievements with customers, truly stood out. Their approach not only showcases a compelling vision but also a solid path forward in the industry. We're excited to be part of the Biointelligence journey, and confident in the impact our collaboration will have."
''I am excited about the future of BioIntelligence. The funding and the strategic guidance from our newly top-of-the-world investors will enable us to shift gears and propel the Company into the next phase of growth.'' said Joel Sirois.
About BioIntelligence
BioIntelligence's mission is to create the most compelling platform company for the bioindustry by providing instant access to critical information and analytics so biotech companies can maximize their performances and reduce their environmental impact. They create, develop, and commercialize innovative and intelligent instruments and software to monitor, understand, predict, and optimize bioprocess performances resulting in reduced losses in products, improved consistency, and increased profits for industrial clients.
Contact Information:
Joel Sirois, Founder-CEO