Israel-based cultured meat company, Future Meat Technologies, has secured an additional $26.75 million in funding.
The company has also announced that it has reduced the production cost of a cultured chicken breast to $7.50 and plans to market its products to consumers and restaurants within 18 months.
Rom Kshuk, CEO of Future Meat Technologies, said: “Cost-efficient production has been a critical focus area for the cultured meat industry. This development is a major step forward in Future Meat Technologies’ ability to provide affordable, scalable and sustainable products that can meet the growing demand for meat.”
The company’s cultured chicken product is said to offer the same texture and aroma as farm-raised chicken through a blend of cultured meat and plant proteins. Future Meat Technologies is also developing cultured lamb kebabs and beef burgers.
The company says that it will use the new funds – raised ‘through its strategic partners’ – to scale up production and accelerate research and development.
Future Meat Technologies expects its pilot facility to start production in the first half of this year and says that it is currently seeking regulatory approval in several territories.
“Cultured meat technology is the Apollo programme of the 21st century,” said Yaakov Nahmias, founder and chief scientific officer of Future Meat Technologies.
“It required massive efforts of biologists, chemists, engineers and food experts to reduce the cost of cultured meat by over 1,000-fold in just a few years. We are proud to be within reach of cost parity with traditional agriculture without any need to resort to genetic engineering, ensuring the supply of safe, delicious food for coming generations.”
Future Meat Technologies is backed by food and agriculture companies including Tyson Foods, ADM, Müller Group and Rich’s Products Corporation, alongside venture capital investors such as S2G Ventures and Emerald Technology Ventures, which jointly led the firm’s seed funding round.
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