The funding round led by HealthX Ventures will
help individuals and businesses prevent life-threatening reactions
to allergens and contaminants
MADISON,
Wis., Aug. 12, 2024 /PRNewswire/ -- Amulet, the
company shining a light on invisible threats in our food system,
today announced $5.8 million in
Series A financing led by HealthX Ventures, with participation from
Incite Ventures, AllerFund, Mendota Venture Capital, Great Oaks
Venture Capital, and individuals like e-commerce pioneer, Pinterest
executive, and Daydream founder Julie
Bornstein and serial founder and investor Diede van Lamoen.
Amulet equips individuals and businesses with portable sensors
containing rapid, on-site molecular detection technology that helps
keep food safe from allergens, toxins, and contaminants.
With this new round of funding, Amulet is well-positioned to
scale its team, expand its detection portfolio, and execute a full
product launch to serve the large and growing Amulet
waitlist.
Amulet is the company behind Allergy Amulet™, a consumer brand
with a signature wearable that enables people to test for food
allergens on the go, and Amulet Scientific™, a commercial
brand with a detection platform that empowers restaurants,
suppliers, manufacturers, and other food industry businesses to
identify a range of molecular targets like food toxins and
environmental contaminants.
"Amulet's technology has the potential to improve the safety of
our food systems and, by extension, the health and well-being of
millions," said Abigail Barnes,
Founder and CEO of Amulet. "From gluten to glyphosate in our food
and soil, this funding will allow us to deploy rapid detection for
both consumers and businesses to help ensure a safer food supply
chain and reduce adverse health outcomes for the food allergy, food
intolerant, and celiac populations."
LEADERS IN FOOD SAFETY
Since raising its seed
financing in 2020, Amulet has continued to establish itself as an
emerging innovator in the food safety industry:
- Scientific support: Amulet received grant funding from
the National Institutes of Health and the U.S. Department of
Agriculture.
- New hires: Over the last few months, Amulet has built a
seasoned product team to lead its successful commercialization.
Recent hires include:
- Michelle Wu, Head of
Product: Michelle has 20+ years of experience in the health and
wellness, medical device, and technology industries, overseeing 50+
teams through various phases of human-centered medical device,
technology, and in-vitro diagnostics development.
- Jenny Barkley, VP of
Product: Barkley has launched over 100 products for
mission-driven brands and brings extensive experience in supply
chain logistics and operations to Amulet's product team. He
previously worked with companies like Danone and
HealthyBaby supply chains.
- New patents: Amulet recently secured its second patent.
The company's work in electrochemical food sensors unlocks new
in-field detection capabilities in food safety.
- Benefit corporation status: Amulet recently became a
benefit corporation, underscoring its commitment to serving all
company stakeholders and aligning its work with its mission to
enhance global food safety.
"We strive to support digital innovations that make healthcare
easier and more affordable. There's no doubt that what Amulet is
creating is a much-needed product for the hundreds of millions
globally managing food allergies, celiac disease, food
intolerances, and the countless businesses that strive to serve
them," said Mark Bakken of HealthX
Ventures. "We look forward to supporting Amulet through this next
stage of growth as they bring their innovation to market."
THE IMPACT OF AMULET
Even in trace amounts, food
allergies can be fatal, causing someone to rush to the ER every
three minutes because of food allergen exposure. Amulet's
technology has the potential to raise the bar for transparency in
our food supply chain:
- For individuals: In the U.S., approximately 33 million
individuals manage food allergies, and an estimated 40 million are
gluten-avoidant. Allergy Amulet's portable design improves the
quality of life for people managing food allergies and
intolerances, and those who care for them.
- For businesses: Allergen cross-contact at food service
establishments is responsible for nearly half of fatal food allergy
reactions, and contaminants that trigger food recalls cost
companies millions of dollars in direct costs and incalculable
reputational damage. Amulet Scientific enables companies and
restaurants to better control both risks.
- For global health: Together, Allergy Amulet and Amulet
Scientific help tackle the consumer and commercial sources of food
poisoning, which causes 128,000 hospitalizations and 3,000 deaths
annually; undetected contaminants, which cause widespread illness
and thousands of deaths globally annually; and food allergen
exposure, which causes 30,000 ER visits annually.
"We are excited to see how Amulet's flexible technology helps
manage a growing problem for individuals and businesses to enhance
food safety in a multitude of settings," said Lisa Strovink of AllerFund, the first venture
capital firm with a focus on the food allergy community. "This
product will provide valuable information for the tens of millions
of people navigating life with food allergies and
intolerances."
"Amulet's food-focused mission straddles so many lanes of global
health, making its potential for widescale impact an exciting
vision to support," said Swati
Mylavarapu, Founder and Managing Partner of Incite Ventures.
"By tackling food safety, one of the most fundamental pillars of
health, Amulet has the power to make the world a better place – one
allergen test at a time."
For more information about Amulet and its growing team, please
visit https://www.amulet-inc.com/.
About Amulet
Amulet equips individuals and
businesses with portable sensor technology that uses rapid, on-site
molecular detection to quickly identify allergens and environmental
contaminants in food.
Amulet is the company behind Allergy Amulet™, a brand with
a signature wearable that enables people to test for food allergens
on the go, and Amulet Scientific™, a commercial brand with a
detection platform that empowers restaurants, suppliers,
manufacturers, and other food industry businesses to identify a
range of molecular targets like food toxins and environmental
contaminants.
About Allergy Amulet
Allergy Amulet™ helps take
the worry off your plate with the Amulet, a wearable miniaturized
consumer food sensor that tests for common allergenic ingredients
in seconds. Whether on a keychain, a necklace, a wristband, a
backpack, or in a pocket, the Amulet's sleek and portable design
allows users to savor life's important moments safely and simply.
Learn more at www.allergyamulet.com.
About Amulet Scientific
Amulet Scientific™ is
committed to improving the safety and transparency of the food
supply chain by offering streamlined detection capabilities for the
food, beverage, and agriculture industries. Their debut product is
a thumb-sized, battery-powered potentiostat. It features a small
display, internal memory, and Bluetooth connectivity. The Amulet
unlocks new in-field electrochemical opportunities for developing
affordable diagnostics, sensors, and wearable devices. Learn more
at www.amuletscientific.com.
MEDIA CONTACT:
Tess
Pawlisch
608-333-9788
tess@needlepr.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/amulet-raises-6-million-series-a-to-improve-health-outcomes-for-millions-with-pocket-sized-food-allergen-sensor-302219364.html
SOURCE Amulet