One of the core investments of company incubator Frontier IP (LON:FIPP), Nandi Proteins Limited, has raised £1mln at a 32% premium to the price of its last funding.
Nandi’s technology reduces the amount of sugar, fat and emulsifiers used in food processing and its development is being closely monitored by the industry.
The money will enable product trials, sample production and help with the recruitment of key staff said Nandi, which is a spin-out from Heriot-Watt University, Edinburgh.
The price of the funding round puts a value of approximately £10mln on Nandi.
Dr Lydia Campbell, Nandi’s chief technology officer, said: "We are delighted to have secured this additional funding, which creates a platform for Nandi's growth.
“Our technology addresses head-on some of the major ingredients issues currently facing the food industry as consumers increasingly seek healthier options."
Neil Crabb, Frontier IP’s chief executive, said: "Nandi remains a core portfolio company for Frontier IP and we are delighted to have successfully completed this financing round which will help it to secure the commercialisation of its transformational technology."