All G secures investment from Xeraya Capital to support Southeast Asia expansion

Australian precision fermentation company All G has secured investment from Malaysian life sciences investor Xeraya Capital as part of its pre-Series B convertible note round, with the new backing expected to support commercialization of its recombinant bovine and human milk proteins in Southeast Asia.

• Xeraya Capital joined All G’s pre-Series B convertible note round alongside Savencia, Döhler Ventures, Agronomics and Ellerston Capital.
• All G expected Xeraya’s regional connections to support commercial opportunities for its recombinant milk proteins across Southeast Asian nutrition and infant formula markets.
• The investment followed All G’s FDA “no questions” letter for its precision-fermented bovine lactoferrin and earlier regulatory clearance in China.

The amount invested by Xeraya was not disclosed.

All G identified Southeast Asia as a key opportunity for its portfolio, particularly in nutrition and infant formula. The company expected Xeraya’s regional connections and capabilities to help accelerate access to commercial opportunities in those markets.

Xeraya is a Malaysian venture capital and private equity firm dedicated to life sciences, investing internationally in biotechnology and human health.

“It is wonderful to have an investor like Xeraya onboard. The decision to back All G is a powerful endorsement of our science and our mission,” Jan Pacas, CEO of All G, said.

Fares Zahir, CEO of Xeraya Capital, added, “We invest in transformative biology with a clear pathway to improving human health, and we’re excited to help All G expand into Southeast Asia and beyond.”

Xeraya joined Savencia and existing investors Döhler Ventures, Agronomics and Ellerston Capital in All G’s pre-Series B convertible note round.

Agronomics committed a further AU$3 million (US$2.0 million) to All G in January 2026 as part of what was then described as a minimum AU$10 million funding round.

The investment was structured through a convertible note with a 24-month maturity and 6% annual coupon. All G planned to use the funding for commercial-scale production, regulatory submissions, patent development and expansion across Asia and Europe.

Following the transaction, Agronomics’ total investment in the company stood at approximately £8.9 million.

All G reached another milestone in April 2026 when it secured a 'no questions' letter from the US Food and Drug Administration under the Generally Recognized as Safe process for its precision-fermented bovine lactoferrin, marketed as LFX.

The FDA confirmed that it had no questions regarding All G’s conclusion that the recombinant lactoferrin was GRAS for its intended uses in food, enabling commercialization in the US across food, beverage and supplement applications.

All G produces LFX using precision fermentation rather than extracting lactoferrin from conventional dairy sources. The company has reported purity levels above 99.5% for the ingredient.

Lactoferrin is a high-value functional milk protein used in infant formula, dietary supplements and functional foods. Conventional production relies on dairy-derived sources, with available supply constrained by the relatively small quantities of lactoferrin naturally present in milk.

Following the FDA decision, Pacas told Green Queen that All G expected the first products to enter the US market within months as supply increased.

“You can expect the first products to begin entering the US market within months as supply ramps up – we already have many customers waiting,” he said. “Our GRAS conclusion supports the use of LFX across a broad range of food and beverage applications, including functional foods, beverages, nutritional products, and dietary supplements.”

The FDA letter followed earlier regulatory progress in both the US and China. All G achieved self-affirmed GRAS status for its bovine lactoferrin in the US in January 2025 and, in November 2024, became the first company to receive regulatory clearance in China for recombinant bovine lactoferrin.

The company has also been preparing its manufacturing infrastructure for commercial production.

In December 2025, All G announced a joint venture with French dairy group Armor Protéines to scale production of its animal-free lactoferrin, combining All G’s fermentation technology with Armor Protéines’ manufacturing expertise and distribution capabilities.

Earlier in 2025, All G worked with the University of Queensland and the Food and Beverage Accelerator to transfer its fermentation process from laboratory scale to industrial systems.

Lactoferrin is currently the most commercially advanced protein in All G’s pipeline, but the company is developing a wider portfolio of recombinant bovine and human milk proteins using precision fermentation.

Xeraya’s investment adds a Southeast Asian life sciences specialist to an investor group that already includes food, dairy and biotechnology interests. All G has not disclosed a timetable for completing its pre-Series B round or launching a subsequent Series B financing.

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