1.Business Name and what it does:
Business name: Allozymes Pte ltd.
Allozymes, Pte. Ltd. is a leading deep technology company that applies its proprietary microfluidics technology to develop custom-designed enzymes for cleaner and sustainable manufacturing of complex natural products. Allozymes’ interdisciplinary innovation enables 10x faster enzyme engineering with 200X higher chance of success compared to robotics which enables breakthrough development in a wide range of industries.
Our past customers have come to us with their pain points or bottlenecks in their current manufacturing process and we relieved their pains with our custom-engineered enzymes. At Allozymes, our scaled down microfluidics technology allows up to one million enzymatic reactions per day. Furthermore, we can mimic industrial relations and incorporate different biological conditions such as pH and temperature to better suit the local environment of the manufacturing process.
Along with the custom-made assays, we are capable of screening enzymes 1000x faster than any present screening technology while being 10x more cost effective in enzyme engineering. With this speed and efficacy, our customers can scale up the biomanufacturing process with enzymes at a lower cost and faster time to market.
To put it simply, we are an innovative biotechnology company that specializes in enzyme engineering, and we use our technology to create sustainable solutions for our future. Our mission is to deliver sustainably produced natural ingredients – at scale.
2. Founder’s/Owner’s story and what motivated them to start the business
Co-founders Akbar Vahidi and Peyman Salehian grew up in Iran, and chose the garden city for their PhD, right here at National University Singapore. Their hometown was surrounded by nature and art that held a special place for them. Their surroundings inspired the art that is the creation and curation of special custom enzymes to generate solutions to preserve the beautiful nature that surrounds us.
The food we eat, the dyes in our clothes, the fabric we wear, and the chemicals we use have all been inspiration for the Allozymes co-founders. Almost everything around us is manufactured. However unsustainable manufacturing practices are harming our environment, and contributing to climate change. The founders wanted a biotechnological solution towards more sustainable manufacturing practices. Nature has provided us with enzymes, which are tiny yet powerful biological workers. They wanted to engineer the natural enzymes, at scale, to perform the manufacturing process, so we wouldn’t have to rely so heavily on nature for their production, which helps us to save the planet.
Biological manufacturing reduces waste, provides upcycling alternatives, reduces harmful byproducts, and produces final products that serve us better. It is this sustainable manufacturing process that we hope to achieve and advocate for.
Their passionate entrepreneurial story has been filled with ups and downs. Inspiration, problem-solving mindsets, and thick skin have kept them motivated in making an impact on the biocommunity. Looking back, they took a leap of faith in starting Allozymes to solve real world problems and we are thrilled with the progress Allozymes has made.
Co-founder Peyman says, “Looking forward, we are working towards expanding our customer base worldwide, improving the efficiency of our technology, increasing funding, and attracting more like-minded talents into our company.”
3. The challenges the business/market is facing
We at Allozymes are avid believers in turning challenges into opportunities, and this is exactly what we have done. Some of the largest challenges that markets are facing today are the stark realities of climate change, and its inevitable global effects. We no longer have a choice but to be the change in the ecosystem to save the planet. That’s what Allozymes is doing.
In the present day we see that consumer mindsets have had a big shift. Buyers no longer want to engage with a product, whether it’s skincare, food, or perfume, that is chemically produced with artificial matter. Consumers are learning that the long list of ingredients on the back of their potential purchase with too many ingredients they have never heard of is likely unhealthy for them. Rather than buying from limited natural sources, consumers are opening their minds to sustainably developed alternatives. The action of being carbon neutral and not hurting the environment at the same time. We at Allozymes are taking something that is not sustainable and harms the environment and meticulously designing custom enzymes to develop clean industrial biosolutions for a variety of consumer products.
Climate change is a central theme of many concerns when discussing sustainable production and the development of industrial biosolutions. Rising temperatures, shortage of water, and a lack of land for production are challenging the current industrial outlook on productivity. With an increasing population, we are at the limit of planetary boundaries to nurture the 9B population much longer. However, taking every area of infrastructure created in the last century and trying to invoke a shift in development is not realistic. The world requires a huge shift, and we can only do so much at once. Allozymes is playing a significant role in unlocking infinite possibilities through enzymatic development with the plan of having a database of custom enzymes for a variety of production lanes, reducing emissions substantially, and offering sustainable solutions to the food industry.
4. The opportunities the business/market is facing
The aforementioned challenges to markets also means that there is a gap to be plugged, and that there are ample opportunities for our technology to be applied across industries. Our sector agnostic business model and revolutionary proprietary platform technology allow us find innovative carbon neutral and sustainable solutions.
The estimated addressable market size for our sector agnostic, fee for service model is $4B. For licensing and direct sales of high-value, natural product, it is estimated to be $400B for food, specialty & fine chemicals industries.
Allozymes’ future has much more in store. In our path, we are working towards becoming the Google of Enzymes through an enzyme database. This means that when an enzyme is desired by a company, instead of going into nature or trying alternative methods to achieve the enzyme they are looking for, they will simply be able to basically google what they are looking for in our database. This is ground-breaking for biotransformation, and we are excited to take enzyme engineering to the next level.
5. Advice to others about business
At Allozymes, our people are our brand. Without the great camaraderie, dedication, and hard work of our employees, we would not be where we are today. Growing rapidly from 3 employees in early 2020, to 20+ employees within two years, our workforce have been behind our great success and have allowed us to make leaps and bounds within the biotech industry. Our brand is our belief in inclusivity, innovation, and collaboration. Our advice to other businesses? Ensure you value your most valuable assets – your employees.
There is no textbook to business, and we believe that the only way to truly learn is learning by doing. Action oriented and goal driven, our unwavering faith in our mission towards developing sustainable solutions allows us to tackle challenges head on. While every company faces roadblocks, we believe in converting challenges into opportunities, which is exactly what we have done by pursuing the technological and innovative solutions behind our company. Being a start up that has rapidly grown over the last two years, we truly believe in learning via trial by error and maintaining a thick skin no matter the obstacles that come your way. Our immediate focus at this stage of our business is expansion, as we look forward to expanding globally and accelerating the growth of our organisation. With our fierce belief in the value of our product and it’s positive impact on the world, we will continue to strive to change the world for the better!
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