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Press Release

Aromyx Raising $3.6M of Growth Capital on Propel(x)

Propel(x)
Posted on: 31 Aug 16

Propel(x), an online angel investment platform that helps investors source, evaluate, and fund pioneering science and technology startups, today announced that Aromyx, a patented technology that captures the human sensory experience of taste and scent, is raising $3.6M in growth capital on Propel(x)’s platform. Incubated at Stanford’s StartX accelerator and the Plug and Play Ventures Materials program, Aromyx was founded by Chris Hanson and has its labs and offices in Palo Alto, California. Investors include Oriza Ventures, Eric Di Benedetto, the Stanford-StartX Fund, Rationalwave Capital, John (“Launny”) Steffens of Spring Mountain Capital, and TEEC Angel Fund.

About the Technology

Aromyx Corporation develops technologies that for the first time enable scientific, reproducible measurement and digitization of taste and scent. The company’s unique platform, the EssenceChip™, a disposable biosensor, places the human taste and olfactory receptors into a biochip. EssenceChip is used in the food and beverage, flavor and fragrance, consumer packaged goods, chemical and agricultural industries. Aromyx is currently in advanced negotiations with some of the largest consumer packaged goods companies in the world.

“For our seed round, Propel(x) helped us gain access to high profile individual investors who brought tremendous value and experience to the table, and helped these investors evaluate and understand our sophisticated technology,” said Chris Hanson, CEO and Founder of Aromyx. “We look forward to continuing our work with Propel(x) and reaching our current fundraising goal of $3.6 million. As we continue to grow, we are moving closer to revolutionizing the food, beverage and consumer goods industry to create healthier, safer, and more affordable products.”

“Aromyx’s first of its kind technology pushes the boundaries of what some would never have imagined possible – the ability to mimic the human brain and process taste and scents,” said Swati Chaturvedi, CEO of Propel(x). “Their technology has the potential to make an enormous impact on society – reformulating products, say with less dyes and chemicals to develop healthier and more affordable versions of products with the same taste and smell. We applaud Aromyx for their fundraising success on Propel(x)’s platform and look forward to more seeing big things for Aromyx.”

Financing the Future

Propel(x) was founded to help angel investors identify, understand and invest in breakthrough technologies in sectors including life sciences, computer sciences, energy & clean technology, new materials and space. Not only are investors who invest in science and technology companies financing some of most innovative technologies, they are also investing in some of the most lucrative - deep technology companies account for the majority of the DJIA index today.

About Propel(x)

Propel(x) Inc. is an online investment platform that connects science and technology startups with angel investors in order to unleash huge innovations, grow great businesses, and have an impact on the way people live. Founded in 2013 by CEO, Swati Chaturvedi and Lisheng Wang, Propel(x) introduces its members to ground-breaking startups that are developing new forms of clean energy, life-saving drugs, new methods of space exploration, and innovative new materials amongst others. By facilitating private funding for startups based on scientific and technological breakthroughs, Propel(x) seeks to change the world and build the next generation of great companies. For more information, please visit: www.propelx.com.

About Aromyx

Aromyx Corporation develops technologies that for the first time enable scientific, reproducible measurement and digitization of taste and scent. The company’s unique platform, the EssenceChip™, a disposable biosensor, places the human taste and olfactory receptors and their associated signal transduction system into an assay, or biochip. EssenceChip is used in the food and beverage, flavor and fragrance, consumer packaged goods, chemical and agricultural industries. Aromyx has its lab and offices in Palo Alto, Calif.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160831005076/en/

Business Wire
www.businesswire.com

Last updated on: 31/08/2016

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