Novi has raised $1.5M in seed funding led by Defy Partners. Additional investors include Cowboy Ventures, Felicis, Khosla, Maveron, Polaris, and Slow Ventures.

Novi is the first technology platform that uses AI to ingest proprietary chemical information from chemical manufacturers/ suppliers and create chemical profiles at the trade material level. Brands and formulators on the platform can access data for any trade material of interest to assess an ingredient currently in use, find safer alternatives, or discover new ingredients that meet their standards. Retailers verify that brands only use ingredients that meet their standards. Novi is solving the large hurdle of scalable data management by acting as the third-party to translate relevant proprietary information between suppliers and brands.