Singapore-based foodtech startup Alchemy FoodTech has raised a 7-figure funding in a Pre-Series A round led by Heritas Capital Management and co-led by SEEDS Capital, the investment arm of Enterprise Singapore. The amount was not disclosed.
The company will use the investment to finance its next stage of technology and product development, talent acquisition, and manufacturing capabilities. In addition, Alchemy will complete clinical studies and accelerate co-development projects with food manufacturers to incorporate its technology into everyday food staples.
Alchemy’s unique solution is an additive called 5ibrePlus, aims to reduce the glucose levels of common white refined carbohydrate staples like white jasmine rice, bread and noodles by altering their GI and increasing their fibre content.
The company claims the additive can accomplish this without changing the taste, texture and colour of the food.
By reducing the glucose levels of these food staples, Alchemy believes it can significantly reduce the levels of diabetes — caused by the body’s inability to process glucose — in countries whose populations live on such food staples.
According to the Asian Diabetes Prevention Initiative, 60 per cent of the world’s diabetics live in Asia. In recent months, the Singapore government has launched initiatives to help Singaporeans wean off white rice and replace it with substitutes like brown rice. Against the context, it is easy to see how Alchemy’s solution could be a serious game changer for ordinary folks.
“Our mission is to fight diabetes with food innovation, and yet without changing lifestyle habits so as to achieve the greatest compliance and adoption,” said Alan Phua, CEO of Alchemy FoodTech.
“This round of investment allows us to work with partnering food manufacturers to customise solutions for them, and conduct pilot commercial trials with them. Several food manufacturers who care for their customers have already expressed strong interest and we have commenced application projects,” he added.
Last week, Alchemy won the top prize of S$200,000 (US$146,400) at the SLINGSHOT @ SWITCH pitching competition, beating out 30 other startups.