Just under US $ 350 million was raised by a producer of cultured meat in Israel, which “paves the way for a massive expansion” of cultured chicken meat production.
Grilled cultured chicken (bottom) vs. farmed chicken (top). Photo: Future Meat Technologies
After opening the world’s first cultured meat production line in Israel earlier this year, just 3 years after launch, Future Meat Technologies has raised US $ 347 million in a Series B funding round. The round was co-led by ADM Ventures, the venture capital investment arm of ADM, while other investors included Tyson Ventures.
The company also announced that it is now producing cultured chicken breasts for US $ 1.70 per 110g of chicken breast (US $ 7.70 per pound), which is considerably less than it achieved. few months ago. Professor Yaakov Nahmias, founder and chairman of the company, notes that the technology paves the way for a “massive expansion of operations”, adding that the team will innovate on the “first large-scale production facility of its kind.” in the United States in 2022.
21st Century Apollo Program
“We have consistently demonstrated that our single-cell technology and serum-free media formulations can reach cost parity faster than the market expects,” added Nahmias, who previously described the space as the Apollo program of the 21st century. .
“Our mission is to create a more sustainable future for generations to come. Our technology can produce meat on a fraction of the land currently used for meat production. The company says its technology is based on stainless steel fermenters that continuously remove waste generated by “immortal” tissue cells. This means that a constant physiological environment promotes rapid and natural proliferation of animal cells.
First industrial production plant for cultured meat
In June, the company announced the opening of the world’s first industrially grown meat plant, capable of producing 500 kg of cultured products per day, the equivalent of 5,000 hamburgers. The facility can produce farmed chicken, pork and lamb, without the use of animal serum or genetic modification. Beef production is planned.
Production cycles are around 20 times faster than traditional animal farming, the company notes, adding that the production process is expected to generate 80% less greenhouse emissions, use 99% less land and 96% less fresh water than traditional meat production. The end product, he says, is exactly the same in terms of nutritional value.
Consumer adoption of cultured meat
In July, 2,016 US consumers were surveyed by Future Meat Technologies to better understand cultured meat awareness and preferences. It found that more than one in three consumers surveyed planned to adopt cultured meat in their diet at the launch. In addition, 58% of those surveyed had general knowledge of cultured meat, and over 50% of those surveyed had actively changed their diet to become more “aware”.