Novo Holdings, a leading international life science investor, today announces it has led the US$21 million Series A financing in BIOMILQ, Inc. ("BIOMILQ"), a first-of-its-kind mammary biotechnology company.
BIOMILQ is developing a novel infant feeding option, derived from human mammary cells, to better meet infants' nutritional needs and with a lower carbon footprint than traditional bovine-based infant formula. Earlier this year, BIOMILQ announced it had successfully produced a milk product with many of the same macronutrients that are known to be abundantly present in breastmilk in its lab based in Research Triangle Park in North Carolina, US.
In the US, it is estimated that 75%1 of women are unable to exclusively breastfeed for the six months after birth as recommended by the American Academy of Pediatrics and the World Health Organization. Breastfeeding can be difficult due to latching issues, birth complications, discomfort or pain, exhaustion, inadequate milk supply, amongst other reasons. Alternative supplements, such as bovine-based infant formula, can lack the nutritional and bioactive composition found in breast milk. BIOMILQ's technology and solutions can be transformative in the field of infant nutrition, a market with a significant need for innovation.
Kartik Dharmadhikari, Partner at Novo Growth and BIOMILQ Board Director, said: "Our mission is to make a growing and positive impact on health, science and society. We are delighted to support BIOMILQ through its journey pioneering mammary biotechnology. Its products have the potential to disrupt the infant supplemental feeding industry. We aim to use our scientific knowledge, operational expertise and global network to further strengthen the Company's ability to improve lives."
Michelle Egger, Chief Executive Officer and Co-Founder of BIOMILQ, added: "We are very pleased to have such experienced investors in our Series A financing. Novo Holdings, as a leading international life science investor, lends significant market experience and technical knowhow to BIOMILQ's mission to nourish healthier infants, empower parents through choice, and contribute to a healthier planet."
The investor syndicate was led by Novo Holdings, with participation from Breakthrough Energy Ventures, Blue Horizon, Spero Ventures, Digitalis Ventures, Green Generation Fund and Gaingels.