A B2B marketplace for sustainable, innovative ingredients and packaging, Novi Connect has raised $40M in new funding led by Tiger Global with follow-on investments from Defy.vc and Greylock.

The new round comes just under six months after Novi announced its $10.3M raise and brings Novi's total funding to over $51M.

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.