AlgaHealth raises NIS 2.5 million in funding

AlgaHealth announced that it raised NIS 2.5 million for the development of its microalgae production as a source for fucoxanthin. Kibbutz Ein Shemer led the investment with support from the Mashtela, an innovation fund of the Kibbutz Movement. This investment is part of the kibbutz’s initiative to lead advanced ecological agriculture in the community, the kibbutz, and the region. Additionally, AlgaHealth was awarded a grant of €50K from the Horizon 2020 program.

AlgaHealth is developing a new microalgal source for fucoxanthin, addressing large market demand for high-quality additives, required by the food industry. Fucoxanthin products are used as active agents in weight-management dietary-supplements, for diabetes type-2 treatments, and other health problems that arise from metabolic syndrome, such as heart and vascular diseases and cancer. Fucoxanthin is also used as an active ingredient in anti-aging skin-care cosmetics. There are many algae-based products in the market, and each has different applications. AlgaHealth’s advantage lies in its innovative method for growing new proprietary, inland, novel microalgae strains. These new strains are the-best-known sources in nature for fucoxanthin, providing greater quantity, quality and potency. AlgaHealth will also produce polysaccharides as a by-product, providing a second source of high value microalgal products. The investment funds will be used to complete and optimize the pilot production site and further develop production and product composition patents, as well as launching regulatory approved products.

AlgaHealth was founded in 2017 and is led by CEO Hagay Tzur and CTO Oran Ayalon, PhD. Tzur has over 30 years’ of experience in the microalgae industry and served as the CEO of Algatechnologies. Ayalon has over 20 years’ of experience in R&D in the biotech industry and extensive experience with microalgae, including VP for R&D at Algatechnologies. Ayalon holds a PhD in biology/chemistry from the Weizmann Institute of Science and a post-doctorate from Yale University.