Allozymes plans to use the funds to build out its enzyme development platform. Here are the top-line bullets you need to know.
Allozymes, a synthetic biotech company, has raised $5M in a seed round. The round drew participation from Xora Innovation, HAX, Entrepreneur First, and TI Platform Management.
How’s the company performing?
- Singapore-based Allozymes’ synthetic biology platform helps develop custom enzymes across the agriculture, biofuel, pharma, fashion, and electronics industries at scale. The company’s platform maps and analyzes millions of enzyme variants daily.
Why does the market matter?
- The global synthetic biology market size is projected to grow at a CAGR of 26.5% and reach a value of $30.7B by 2026, according to Markets and Markets.
- Increasing investments and R&D funding, growing applications of synthetic biology, and declining DNA sequencing costs have all contributed to industry growth.