Just under US$350 million has been raised by a cultured meat producer in Israel, which “paves the way for a massive expansion” in cultured chicken meat production.
After opening the world’s first cultured meat production line in Israel earlier this year, just 3 years after its 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 $1.70 per 110g of chicken breast ($7.70 per pound), which is considerably less than it realized a while ago. a few months old. Professor Yaakov Nahmias, the company’s founder and chairman, notes that the technology is paving the way for a “massive expansion of operations”, adding that the team will inaugurate the “first large-scale production facility of its kind”. in the United States in 2022.
The 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 has previously described space as the Apollo program of the 21st century. .
“Our mission is to create a more sustainable future for future generations. 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 products generated by “immortal” tissue cells. This means a constant physiological environment that promotes rapid and natural proliferation of animal cells.
First factory for the production of industrially cultured meat
In June, the company announced the opening of the world’s first industrial cultured meat facility, capable of producing 500 kg of cultured meat per day, the equivalent of 5,000 hamburgers. The facility can produce cultured chicken, pork and lamb, without the use of animal serum or genetic modification. Beef production is anticipated.
Production cycles are around 20 times faster than traditional animal agriculture, the company notes, adding that the production process is expected to generate 80% fewer greenhouse gas 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 2016 US consumers were surveyed by Future Meat Technologies to better understand cultured meat awareness and preferences. It revealed that more than 1 in 3 consumers surveyed planned to adopt cultured meat in their diet when it launched. Additionally, 58% of respondents had a general knowledge of cultured meat, and more than 50% of respondents had actively changed their diet to become more “aware.”