PARIS — Aryballe, a digital olfaction company that combines biochemistry, advanced optics and machine learning to mimic humans’ sense of smell, has raised 7 million euros in a recent round of international funding.
It involved new investors Samsung Venture Investment Corp. and Seb Alliance, as well as existing investors Innovacom, Cemag Invest, Asahi Kesei and HCVC, the Grenoble, France-based company said in a statement.
Aryballe’s total funding now stands at 17 million euros.
“Digital olfaction is the next wave in smart sensors,” Aryballe said in the statement. “Organizations across industries, from automotive to food and beverage to consumer applications and personal care and cosmetics, rely on machine-learning-powered digital olfaction to accelerate R&D projects, reduce maintenance costs and provide better customer experiences.
“The funding enables Aryballe to build out its manufacturing operations to meet accelerating demand for its newest high-volume, low-cost universal odor sensor as organizations across the globe look to enhance the capabilities of existing smart sensor networks,” Aryballe continued.
The quest to quickly evolve the perfume industry comes as category sales are stagnant or down in most mature western markets and the coronavirus pandemic is causing brands and retailers to look for alternate fragrance delivery systems.
In early 2019, IFF collaborated with Aryballe on the development of odor-sensing and quality-control applications with the aim of developing a platform for applications in the food, fragrance and cosmetics industries, among others.
Aryballe collects, displays and analyzes odor data for companies’ better decision-making, it said.
The new funding will allow the company to double its number of employees in engineering and product positions, and further bolster its technology’s industrialization.
Last year, the company grew headcount by 30 percent, enabling it to more than double its intellectual property portfolio.
Aryballe was established in 2014 and launched the digital nose, NeOse Pro, at the beginning of 2018. That device is billed to be able to detect, record and recognize odors, generally used in research and development, laboratory and quality control, and assurance applications.
Sam Guilaumé, Aryballe chief executive officer, explained in the statement that the company focuses on helping its customers and partners solve industry problems through smell.
“Our mission has always been to empower brands through the use of reliable, quality data, and today we’re seeing more companies using digital olfaction to design improvements in the customer experience and generate additional revenue,” he said. “Now, with the support of our industry partners, we’re well prepared to continue executing on that mission and take on this next stage of growth.”