Aseptia, a fruit and vegetable processor company built around patented technology developed at North Carolina State University, has closed on $28 million in new financing.
The first $16 million was disclosed in an SEC filing in December.
Aseptia operates as Wright Foods and has a processing plant in the town of Troy in Montgomery County.
Raleigh-based Lookout Capital contributed $8 million of the new round in what the firm says is its largest investment to date.
Other investors include SJF Ventures, Prudential, and the F.B. Heron Foundation.
“Our management team and company are excited to have Lookout Capital invest in and partner with us,” said Michael Drozd, CEO of Wright Foods, in a statement. “The experience and capabilities of the Lookout team and network will be valuable to us as we grow our business.”
Aseptia has a processing plant in the town of Troy in Montgomery County.
“We welcome Lookout Capital’s participation on our Board of Directors,” said Sasa Zorovic, chairman and CFO of Wright Foods. “Lookout’s investment approach of close collaboration
with their portfolio companies will be of significant benefit to our organization.”
The funding will be used for expansion efforts and hiring of additional management team members.
The filing with the SEC in December said Aseptia had raised $16.4 million out of a targeted round of $22.8 million.
Some 36 investors participated in the funding.
SJF Ventures, which is based in Durham and invests in “green” technology, led a $6 million round last year.
In July 2013, Wright Foods announced plans to expand the Troy operation over the next several years with an investment of $53 million and the addition of some 500 jobs.
The state of North Carolina agreed to provide a One North Carolina Fund grant of $1.5 million if job and investment targets are met.
The firm focuses on aseptic preservation technology that helps foods last for long periods of time without preservatives.
Products include fruit sauces, tomato products, vegetables, soups and beverages.
“Aseptia is the cutting edge of sustainable food processing,” said David Griest, director at SJF Ventures, in announcing last year’s C round “Their technology has the potential to replace most every canned product with the equivalent of fresh foods and in a superior packaging form. Aseptia has achieved commercial scale production, allowing major food companies to both improve existing products and launch entirely new categories.”
Aseptia was incorporated in North Carolina in 2006 after licensing N.C. State technology to produce shelf-stable food products that maintain the flavor, color and nutrients of fresh foods without refrigeration. The Wright Foods’ facility focuses producing retail food products for other companies, and whenever possible, it will use fruits and vegetables from local sources, officials said.
The company raised more than $1.15 million in financing in 2011 and sought another $2 million in its early days.
Aseptia qualified for a $150,000 grant from the One North Carolina Fund, which provides financial assistance to attract business projects to the state. Companies receive no money up front and must meet job and investment targets to obtain the funds.
