BioIndustrial Innovation Canada invests in Ardra
25 January, 2023
Bioindustrial Innovation Canada (BIC) is pleased to announce a recent investment through its Sustainable Chemistry Alliance Fund in Ardra Inc., a Toronto-based company that has developed and is commercializing a biomanufacturing-based route to produce natural food ingredients at reduced costs.
The funding will support development of novel ingredients that Ardra is developing by use of biomanufacturing technology. The ingredients target the growing segments in the food industry, including plant-based substitutes. As the food industry gears towards more sustainable supply-chains, biomanufacturing is considered to be one of the most sustainable and stable methods of producing ingredients. This alternative is critical for the environment, the consumer and the food industry whose demand for natural ingredients exceeds $50 billion annually.
The development of conventional natural product typically relies on precarious and unpredictable supplies of botanical materials, or animal-based raw materials. Ardra’s goal is to provide an alternative avenue that affords their clients more reliability, and more autonomy from unpredictable, uncontrollable supply chain factors.
In October 2022, BIC closed its investment in Ardra Inc. as lead investor in this round.
“We are pleased to have BIC as a partner in our company,” says CEO of Ardra Inc., Pratish Gawand. “BIC has been a strong supporter of our work not only as an investor, but also as an advisor because of their depth of knowledge in biomanufacturing commercialization.”
“Ardra Inc. brings significant advancements in the field of engineering biology,” says BIC Portfolio Manager, Wayne Maddever. “In addition, the management has developed key industrial relationships which will assist in bringing the technology to commercialization.”
BIC’s ability to invest in and support companies such as Ardra through scale-up and commercialization is thanks to Government of Canada funding through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) totalling $27 million.
For more information, please contact:
Marketing and Communications Manager
Bioindustrial Innovation Canada
Tel: +1 226 778 0020 ext. 249
Tel: +1 647 243 5237
About Ardra Inc.
Ardra has developed patent protected biological pathways to produce a variety of natural flavours and fragrances from commonly available materials such as sugar thus reducing costs from other natural extraction processes and offering a biobased alternative to the petrochemical route.
About Bioindustrial Innovation Canada (BIC)
BIC is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies. BIC focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.
About FedDev Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.