HN Novatech bags $4m funding, launches seaweed heme ingredient in Singapore

South Korean food-tech start-up, HN Novatech, has successfully raised $4m in Series A funding and launched a heme-based seaweed ingredient for plant-based meat applications in Singapore.

HN Novatech is a food materials technology company with 19 patents filed under its belt to date, specialising in developing sustainable and cutting-edge food ingredient alternatives.

According to the company, Acoms, the name of the X-factor protein found and extracted from seaweed, gives plant-based meat primers an ‘accurate’ meat flavour when applied. At the same time, HN Novatech’s protein extraction process and final product rendering is additive- and preservative-free, catering to a demand for clean label plant-based products.

On 16 August 2023, investors were invited to an exclusive first taste test of HN Novatech’s ingredient during its Southeast Asia launch in Singapore, jointly organised by  Singapore Tembusutech Innovation and KILSA Global.

The company has recently begun its venture into Asia Pacific regions with an eventual target of establishing itself as a globally acclaimed novel foods materials leader, with the construction of a food technology processing facility first beginning in Korea.

Its R&D team comprises biotech engineers, food scientists, nutritionists and business and sustainability experts.

HN Novatech recently secured the $4m funding in its Series-A bridge round with Logan Ventures as its lead investor. HN Novatech’s CEO, Kim Yang-Hee, described the successful capital raise as a testament to the growth of its advancing food technology capabilities and strong customer acquisition prospects for the month ahead.

Yang-Hee said that the alternative meat industry’s surge in the US and Europe is mirrored in Asia, where Singapore’s appeal to multinational companies is bolstered by its strategic location, skilled workforce and government support.