Singapore-based Alchemy Foodtech, which specialises in food innovations that address the issue of diabetes and other chronic diseases, has secured new funding led by Thai Union Group PCL (Thai Union) as well as major investors like Temasek-backed Bits x Bites amongst others.
This new round of funding will accelerate Alchemy Foodtech’s next phase of planning to expand its production capacity as well as its expansion in local and overseas markets like China.
The company’s product, Alchemy Fibre, is a patented blend of 100% plant-based ingredients and a slowly-digestible carbohydrate which lowers the glucose release of carbohydrates. The product turns refined carbohydrates, known as bad carbohydrates, into healthier options, known as good carbohydrates, by reducing the sugar released from foods and increasing the fibre and prebiotic content without changing their taste, texture and colour.
Alchemy Foodtech is targeting China as 1/3 of adults with diabetes live in the country while Singapore is ranked 2nd just behind US in terms of high incident rate of diabetes in developed countries. Roughly 90% of people with diabetes are Type 2 patients who develop the disease due to lifestyle factors like poor diet.
Alchemy Fibre was earlier launched in Singapore in July through the food services with partners like Boon Tong Kee, Yu Kee Specialty, Yum Cha and Creative Eateries Group. It was also launched in pharmacies such as Raffles Health and Grace Healthcare.
Alchemy Foodtech plans to accelerate its ongoing co-development projects with food manufacturers such as Gardenia, Lim Kee Foods and Kang Kang Noodles to introduce ‘made with Alchemy Fibre’ bread, noodles and rice-based products to supermarkets in Singapore starting January 2021.