Tyson Foods invests $2.2m in Israeli startup
Future Meat Technologies is a Jerusalem-based biotechnology company that is looking to produce cost-efficient, non-GMO directly from animal cells. The process of growing meat in a laboratory that does not imply raising or harvesting of live animals. The startup will develop a new generation of manufacturing technology that enables the cost-efficient production of fat and muscle cells, the core building blocks of meat.
Tyson Ventures is investing in this startup alongside with the Neto Group, one of the largest food conglomerates in Israel, S2G Ventures, a Chicago-based venture capital fund, BitsXBites, China’s first food technology venture capital fund, and Agrinnovation, an Israeli investment fund founded by Yissum, the Technology Transfer Company of The Hebrew University. New York based HB Ventures also joined the round.
“It is difficult to imagine cultured meat becoming a reality with a current production price of about $10,000 per kilogram,” said Prof. Yaakov Nahmias, the company’s founder and Chief Scientist. “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.”
“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,” said Justin Whitmore, Executive Vice President, Corporate Strategy and Chief Sustainability Officer of Tyson Foods. “We continue to invest significantly in our traditional meat business but also believe in exploring additional opportunities for growth that give consumers more choices.”
Future Meat Technologies expects to use the funds to establish its engineering activities and increase its biological research. The company is currently recruiting engineers, chefs and scientists.
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