Estonian biotech ÄIO has raised €1M

Estonian biotech ÄIO has raised €1M from the government organization Enterprise Estonia, Finnish venture company Nordic Foodtech VC and other investors.

ÄIO utilizes locally available by-products and side streams from the food, agricultural, and wood industry. Then it grows microorganisms capable of producing fatty acids, antioxidants, and pigments. These oils and fats are sustainable and plant-based alternatives to the palm, coconut oils, and animal fats currently used in the food industry. 

ÄIO was launched in Tallinn in 2022 by entrepreneurs and researchers of Estonian University TalTech Petri-Jaan Lahtvee and Nemailla Bontur.

The government organization Enterprise Estonia has recently merged with Kredex and turned into the Estonian Business and Innovation Agency, which supports entrepreneurship and works on improving living conditions in Estonia and increasing international competitiveness and visibility. The part of Enterprise Estonia - The Estonian Investment Agency, which promotes foreign investments in Estonia and assists international companies in finding business opportunities in Estonia.