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Tag: Elemental Enzymes

Elemental Enzymes to expand into 100,000 square feet of space in St Louis Missouri.

November 27, 2024 Craig Etkin

St Louis, Missouri — According to state and local development sources, Elemental Enzymes plans to build out 100,000 square feet of new space in St Louis. The company plans to occupy the new space at…

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Shiru, the pioneer in AI-powered ingredient discovery, has secured a $16 million investment round as it leads a revolution in how ingredients are discovered and developed across multiple industries. Shiru’s flagship platform, ProteinDiscovery.ai, hosts the world’s largest database of natural proteins from plants and microbes. The AI-driven platform enables corporate partners in food, personal care, agriculture and advanced materials to swiftly identify and test highly functional, natural ingredients. The results include dramatically reduced R&D and product development costs, accelerated time to market and high functional capabilities from nature-identical products.

In a statement Dr. Jasmin Hume, Founder and CEO of Shiru said, “AI-powered discovery isn’t only the future of ingredient innovation – it’s here today, and we’re eager to expand our capabilities across flavor, skincare and agriculture.” “Our technology dramatically reduces development timelines and costs, empowering R&D teams to revolutionize products, categories and industries through our platform, enabling valuable innovation and competitive advantage.” “While we’re starting with proteins, our vision extends far beyond,” Hume added. “ProteinDiscovery.ai is just the beginning. We’re building a comprehensive platform that will revolutionize ingredient discovery across multiple molecular classes, driving innovation that benefits both industry and consumers.”

The round, bringing Shiru’s total funding to $36 million, was led by longtime investor S2G Ventures, with participation from CPT Capital, Lux Capital, Nourish Ventures, and Meach Cove Capital. This investment will fuel Shiru’s ambitious growth plans, expanding its ingredient portfolio and enhancing ProteinDiscovery.ai through new commercial partnerships and expanded offerings.

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Sofidel will make a $200 million expansion in Duluth, supported by $5 million in business expansion funding from the State of Minnesota. The expansion will create at least 160 new jobs, tripling the company’s current workforce size. Funding comes from the Minnesota Department of Employment and Economic Development’s (DEED) Job Creation Fund (JCF) and Minnesota Investment Fund (MIF). The JCF provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. The MIF provides financing to help add new workers and retain high-quality jobs – with a focus on industrial, manufacturing, and technology-related industries – increasing the local and state tax base and improving Minnesota's economic vitality.

Sofidel will expand their existing facility into an integrated, state-of-the-art production plant where raw materials are processed, manufactured, and packaged into finished goods such as paper towels, bath tissues, and napkins. The company will construct an automated warehouse for product storage and distribution. Construction will take place in phases beginning in late 2024 and continuing through late 2026. The completed project size will be nearly 600,000 square feet.

In a statement Simone Giacomelli, Integration Manager at Sofidel said, This expansion is a testament to our long-term commitment to growth and innovation in the North American market. In Duluth, we found a favorable operating environment, with a skilled and dedicated workforce, and strong partnerships with local institutions and the community. These factors encouraged us to further invest in this facility,” “We are also grateful for the tremendous support from the State of Minnesota and the City of Duluth, which has been essential in bringing this project to life."

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