Food Technology Company Will Use Funds to Expand its Footprint by Licensing Innovative Food and Beverage Solutions
True Essence Foods, a technology company with proprietary technology solutions that protect flavor and increase sustainability of a wide variety of food and beverage products, announced that it raised $27.6M in a Series B funding round, including $8.8M resulting from the conversion of convertible promissory notes. The company will use the secured funding to accelerate production and implementation of equipment and increase headcount. These are critical steps that will allow it to expand its growing list of technology licensing agreements with global food and beverage manufacturers looking to improve product quality, save costs, and accelerate innovation.
True Essence Foods has developed two platform technologies, covered by 15 issued patents and 70 patent applications in process, with applications across a vast range of food and beverage products. The company is currently engaged with more than 35 industrial customers in categories including dried spices, spirits, wine, juice concentrates, cannabis, chocolate and more.
Flavor Balancing™ is a proprietary, non-additive solution that enhances the taste of products by preferentially removing undesirable flavor molecules. Using a precisely controlled pressurized chamber,Flavor Balancing alters the flavor profile of the product without changing the composition of the product. As a result, companies have more flexibility in ingredient choice, achieve more optimum blending rations, and save time in their process, all while producing a more premium, less expensive product.
Flavor Symmetry™ is a proprietary dehydration process that protects flavor and dries products without the use of heat. As a result, products dried with Flavor Symmetry are shelf stable but contain the same flavor, aroma, color, and nutrition that they did when they were fresh. With Flavor Symmetry companies can create new, innovative products that meet consumer demand while saving costs by eliminating the need for cold chain.
“The impact of these technologies is staggering, both in the variety of solutions they provide and the number of applicable industries they serve,” said Andy Mohr, founding partner of private investment firm AFM Capital Partners, which lead the Series B round. “There is incredible momentum for TrueEssence Foods to truly make a difference in the food and beverage industry from top to bottom.”
In addition to AFM Capital Partners, 44 other investors participated in the Series B round.