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.
According to Alchemy, which specialises in the development of lower Glycemic Index (GI) carbohydrates to tackle diabetes, 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, 5ibrePlus, 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.