Israel-based biotechnology company Future Meat Technologies has received $2.2 million in a seed investment funding round led by Tyson Ventures, the venture capital arm of Tyson Foods.
Future Meat Technologies has developed manufacturing technology that enables the cost-efficient production of fat and muscle cells to create cultured meat products.
The company claims that the funding will help establish its engineering activities, increase its biological research and help recruit engineers, chefs and scientists.
Tyson Ventures was joined by the Neto Group, S2G Ventures, BitsXBites, Agrinnovation and HB Ventures in the funding round.
This venture adds to Tyson Food’s recent investments in alternative protein companies, as Tyson invested in lab-grown meat start-up Memphis Meats in January and part-funded a $55 million investment in meat alternative company Beyond Meat in December 2017.
Justin Whitmore, executive vice-president, corporate strategy and chief sustainability officer of Tyson Foods said: “This is our first investment in an Israel-based company and we’re excited about this opportunity to broaden our exposure to innovative, new ways of producing protein.
“We continue to invest significantly in our traditional meat business but also believe in exploring additional opportunities for growth that give consumers more choices.”
Rom Kshuk, CEO of Future Meat Technologies added: “Global demand for protein and meat is growing at a rapid pace, with an estimated worldwide market of more than a trillion dollars, including explosive growth in China.
“We believe that making a healthy, non-GMO product that can meet this demand is an essential part of our mission.”
Professor Yaakov Nahmias, Future Meat Technologies’ founder and chief scientist said: “It is difficult to imagine cultured meat becoming a reality with a current production price of about $10,000 per kilogram.
“We redesigned the manufacturing process until we brought it down to $800 per kilogram today, with a clear roadmap to $5-10 per kg by 2020.
“Animal fat produces the unique aroma and flavour of meat that makes our mouth water.
“I want my children to eat meat that is delicious, sustainable and safe. This is our commitment to future generations.”
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