K A S H R U T . C O M_©

Future Meat Technologies makes cell-based chicken costing $7.50 and gets $26.75M funding

February 1, 2021 FoodDive:

"After Mosa Meat showed off the world's first hamburger made from cell-based meat in 2013 — a process that took two years and cost the equivalent of $325,000 — people believed that real meat could be made without slaughtering an animal."

"Then came the next challenge: producing cell-based meat less expensively, let alone at a price affordable to a consumer."

"The price has been steadily dropping thanks to more players in the game, scientific advancements, new plant-based growth media, and partnerships across different scientific disciplines. Most recently, Israel-based Future Meat Technologies has gotten the price to produce a cell-based chicken breast down to about $7.50."

"In addition to the lower cost of a chicken breast, Future Meat Technologies also announced $26.75 million in new funding. This latest round, in the form of a convertible note, involved both new and old investors in the company, and it more than doubles its existing funds. Existing investors Tyson Foods, Archer Daniels Midland, S2G Ventures, Manta Ray Investors, Emerald Technology Ventures and Bits x Bites all participated in this round. Joining them as first-time funders are German dairy producer Müller Group, U.S.-based CPG and foodservice products maker Rich Products Corp. and investment firm ADM Capital (not affiliated with the ingredients and grain company)."

"Future Meat has built robotic analytical systems that break down the chemical composition of different plants and proteins. And they have found some food ingredients that work well for cultured meat growth."

"The company's bioreactors also have a system that can clean the growth medium. This means that impurities are removed and the growth medium can actually be reused."

"The system Future Meat uses is also unique in the way it can quickly produce a lot of cells. The company has always used fast-growing cells, but Nahmias said it is in the process of building out what would be one of the most efficient biomanufacturing facilities in the world. In this 800-liter facility, about 36% of the bioreactor will become biomass, which he said is 10 times more efficient than many others existing today — and more efficient than what had been predicted for the cultured meat industry. "

"The $7.50 chicken breast does blend cell-based chicken with some plant proteins, which is something the company has long planned to do for its first products to get the cost down."

"The company is also focusing on getting regulatory approval for its products, and is working closely with the FDA in the United States and with regulators in its home country in Israel. Nahmias said there are active discussions with some regulatory agencies in Asia."

"While the drop in manufacturing cost and new funding are both big deals for Future Meat Technologies, Nahmias said they're just the first two announcements in what he thinks will be a very exciting year for the company. Future Meat currently has a target of getting products on the market in 2022, but Nahmias said it could be sooner if regulators give their approval faster."