Frontier IP portfolio companny Nandi Proteins Limited (“Nandi” or the “Company”) today announces that it has successfully raised £720,000 via a convertible loan including £360,000 investment from the UK Government’s Future Fund, established to support innovative businesses through the COVID-19 outbreak.
The Future Fund’s investment has been matched by Frontier IP Group, a specialist in commercialising intellectual property, and Shackleton Finance Limited, a technology-focused venture capital manager. They have invested £320,000 and £40,000 respectively.
The convertible loan will enable Nandi Proteins to meet technical and commercial milestones for its novel process control technology. This is now at an advanced stage of commercialisation through collaborative partnerships with a number of major organisations.
Nandi’s technology has a wide range of potential applications. It is based on the knowledge that the functional properties of proteins change as they denature when heat is applied in a very precise way over time. As a result, the technology is able to create new protein-based ingredients to replace chemical additives and fats in processed foods, such as meats, cakes and a host of other products.
Among other projects, Nandi is leading a consortium developing gluten replacements for use in bread. Other members of the consortium include global ingredients business AB Mauri, part of FTSE 100 group AB Foods, and a major UK agronomy firm Agrii, a subsidiary of agri-services group Origin Enterprises. The project is backed by a grant from Coeliac UK and Innovate UK.
I have been very impressed with the progress at Nandi Proteins since becoming chairman late last year, reflected in the range and strength of the industry collaborations it has been able to forge. We are confident that the Company will see the significant momentum generated to date accelerate as the results of our industry collaborations start to come through.
Nandi Proteins Chairman John Price
Nandi Proteins is addressing many of the food industry’s major concerns including the dangers of obesity, a problem thrown into greater focus by the impact of COVID-19. We are very much looking forward to continuing our work with both existing and new industry partners as they seek to tackle these issues.
Nandi Proteins Acting Chief Executive Officer and Frontier IP Chief Commercialisation Officer Matthew White
The investment from the Future Fund is an invaluable contribution to supporting Nandi Proteins through the next phase of its development. There is strong interest across the food industry to reduce the levels of additives, fats and meat on both health and environmental grounds. Nandi, with its proven expertise particularly with vegetable proteins, is well placed to benefit from these trends.
Frontier IP Group Chief Executive Officer Neil Crabb
