DouxMatok to commercialise patented sugar reduction technology
Israel-based DouxMatok has secured funds worth $8.1m to commercialise its patented sugar reduction solution by the end of next year.
The funding round was led by Israeli venture capital fund Pitango and existing shareholders Gil Horsky and FoodLab Capital.
Food and beverage companies that tested DouxMatok revealed that they were able to reduce nearly 40% of the sugar content in their products while retaining the same taste profile.
DouxMatok co-founder and CEO Eran Baniel said: "This round of financing facilitates speeding up our scale-up and commercialisation. We hope that DouxMatok will become a trusted leading brand in the efforts to reduce sugar consumption to healthier levels, so we can continue to enjoy the foods we love.
"Given all the investment opportunities they explore, we're proud that Pitango chose DouxMatok, and are already contributing to our speedy progress. We are grateful to Gil Horsky and FoodLab Capital, our existing investors, for their continued support."
DouxMatok claims that its product does not carry any aftertaste, is produced using sustainable green chemistry principles, and is fully compliant with US Food and Drug Administration (FDA) and the European Union (EU) regulations.
The product is also claimed to significantly reduce the caloric value and sugar levels of products.
Pitango managing general partner Ittai Harel said: "The potential of DouxMatok's technology is immense. Having been tested independently by third party evaluators, as well as by major food manufacturers, the company has proven its ability to achieve desired sweetness level with significantly reduced sugar content.
“Major food manufacturers are actively seeking healthy, viable alternatives to the high levels of added sugar currently in use and we are confident DouxMatok will become an enabler and trusted partner to the industry, and for consumers, in this mission."
Pitango is currently working with food and beverage companies to scale-up and commercialise the first consumer products with DouxMatok's sugar reduction technology.