Biotech startup PeelOn has raised $1 million in its maiden funding round led by deeptech focused GrowX Ventures, with participation from Boston Venture Group, Clean Energy Venture Group, and Climate Angels. The round values the company at $7.9 million. The funds will be used to expand R&D and production facilities in Visakhapatnam, Andhra Pradesh, strengthen sales and regulatory teams in the U.S. andIndia, and launch marketing campaigns for key crops such as leafy greens, bananas, and grapes. The startup is also working on securing global certifications and regulatory approvals. Founded in 2020 by Taraka Ramji Moturu and Venkata Ravi Sankar Ummidi, PeelOn develops biodegradable, compostable films that extend the shelf life of fruits and vegetables by up to three times. Its plant-based packaging, enriched with natural additives, helps delay ripening, preserve freshness, and prevent bacterial or fungal infections.
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