Comet Bio has closed a round of financing with current investors intended to help the company commercialize its flagship products. The amount was not disclosed.
Existing investors Sofinnova Partners and PM Equity Partner participated in the financing. The company also intends to use the funding to launch supplement and health food products, complete additional clinical trials to further establish the healthy features of the company's products and expand its supply chain to meet increasing customer demands.
Comet Bio’s flagship products are Arabinoxylan Plant Fiber Extract and Sweeterra syrups, both of which are made from crop leaves and stalks left over after a farm's harvest.
"Our products are in high demand because they address consumers' interest in gut health and sugar reduction," Comet Bio CEO Rich Troyer said in a statement. "We are pleased to have the ongoing support and confidence of our investors to successfully bring these products to market."
The company has also established its U.S. headquarters in Schaumburg, which will house the company's administrative and commercial functions. Comet Bio chose Chicago because of the significant number of food and nutrition companies located throughout the region.
"Consumers are demanding products that are healthy and good for the environment without compromising on taste," Sofinnova Partners’ Joško Bobanović said in a statement. "A big obstacle for food and beverage companies has been swapping ingredients without sacrificing taste and performance. Comet's innovative ingredients finally provide food and beverage companies a no compromise solution to meet consumer needs. We have been impressed by Comet's ability to identify new applications in high demand and look forward to supporting the Comet management team as they commercialize these exciting new products."
Comet Bio produces healthy ingredients from crop leftovers for use in supplements, foods and beverages. The company has raised three rounds of funding, according to Crunchbase.