Chromologics Company Profile

Background

Overview

Founded in 2017 as a spin-out from the Technical University of Denmark (DTU), Chromologics is a Danish biotech company specializing in the production of innovative natural food colors. The company's mission is to revolutionize the natural color industry by providing sustainable, stable, and high-performing color solutions through its proprietary fungal fermentation platform. Chromologics aims to become a global leader in fermentation-based, high-performance food colorants, setting a new industry standard.

Key Strategic Focus

Core Objectives

• Sustainable Production: Utilizing precision fermentation to produce natural colors that are environmentally friendly and resource-efficient.

• Product Stability and Performance: Developing colorants with superior stability and performance to meet diverse industry needs.

• Scalability: Ensuring production methods can scale to accommodate varying customer demands and seasonal trends.

Primary Markets

Chromologics targets the global food and beverage industry, offering natural color solutions for applications in bakery, dairy, plant-based meat, meat, seafood, poultry, confectionery, beverages, snacks, condiments, soups, sauces, and pet food.

Financials and Funding

Funding History

• May 2021: Completed a seed round financing, raising €6 million from investors including Blue Horizon Ventures, Novo Seeds, Nordic Food Tech, and angel investor Giampaolo Cagnin.

• March 2023: Closed an extended seed round, securing an additional €7.1 million from existing investors and new investors Doehler Ventures and Thia Ventures, bringing the total seed funding to €12.6 million.

Utilization of Capital

The funds are allocated to accelerate the commercialization of Natu.Red®, advance regulatory approvals, establish commercial production lines, expand the product portfolio, and progress on commercial execution.

Pipeline Development

Key Product: Natu.Red®

• Description: A natural red food color produced through precision fermentation, offering advantages such as pH and temperature stability, tastelessness, water solubility, and compatibility with vegan, kosher, and halal diets.

• Applications: Tested in various food applications, including bakery, dairy, plant-based meat, meat, seafood, poultry, confectionery, beverages, snacks, condiments, soups, sauces, and pet food.

• Commercialization Timeline: As of October 2023, the company was conducting tests in various food applications and had plans to launch in 2025.

Technological Platform and Innovation

Proprietary Technologies

Chromologics employs a precision fermentation platform to produce natural colors. This method involves fermenting fungus with sugar and nutrients in water, filtering out the fungus, and converting the liquid into concentrated red powder. The process is environmentally friendly, stable, and ensures a cost-competitive and sustainable supply to food and beverage manufacturers.

Scientific Methodologies

The company's fermentation process is independent of external factors such as adverse weather conditions and climate changes, allowing for continuous and undisturbed production. This method requires less agricultural space than other natural colorant production methods and can be implemented globally, reducing transportation time and length.

Leadership Team

• Gerit Tolborg, Ph.D.: Co-Founder & Chief Executive Officer. Discovered a novel group of fungal pigments during her Ph.D. research at DTU, leading to the founding of Chromologics.

• Anders Ødum: Co-Founder & Chief Technology Officer. Collaborated with Tolborg at DTU and co-founded Chromologics to commercialize their research findings.

• Karsten Dinesen: Chief Operating Officer. Oversees operational aspects, including scaling production capacity and ensuring product quality.

• Jens Bergholdt: Chief Financial Officer. Manages financial strategy and operations.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within Chromologics' leadership team.

Competitor Profile

Market Insights and Dynamics

The global market for natural food colors is experiencing significant growth, driven by consumer demand for clean-label products and natural ingredients. The market is projected to reach $3.2 billion by 2027, growing at a CAGR of 6.7% from 2020.

Competitor Analysis

• Pili: A French biotech company specializing in sustainable dyes and pigments produced through fermentation processes.

• Michroma: An Argentinian startup developing fungal-based natural colorants for the food industry.

• Oterra: A Danish company offering a wide range of natural color solutions for various industries.

• Phytolon: An Israeli company utilizing yeast fermentation to produce natural food colors.

These competitors focus on developing sustainable and natural color solutions, leveraging fermentation technologies to meet industry demands.

Strategic Collaborations and Partnerships

• Olon Group: In May 2024, Chromologics partnered with Olon Group, a global leader in food biomanufacturing, to leverage Olon's fermentation capabilities for enhanced production and development of its natural color solutions.