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Israeli foodtech firm Future Meat lands $26.75M to produce cultured chicken for under $8
The Israeli company has successfully produced a cultured chicken for under $8. Future Meat founder: Cultured meat technology is the Apollo program of the 21st century Dor Schwartz / 3 Feb 2021 • 2 min read
Future Meat Technologies, an Israeli Foodtech firm that develops cultured meat products, closed $26.75 million in funding. The investment came from the company’s strategic partners and VC backers, including Tyson Foods, ADM, Müller Group and Rich s Products Corporation, alongside leading venture capital investors such as S2G Ventures, ADM Capital, Emerald Technology Ventures, Manta Ray Ventures and Bits x Bites
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This week, Israel-based startup Future Meat Technologies announced that it has drastically reduced the production cost of its unique cultured chicken breast to $7.50 per quarter-pound serving. The company makes slaughter-free meat from a combination of plant-based protein, cell-based chicken, and lab-grown fat an innovation that cuts the cost of growing animal meat from cells while maintaining the flavor and texture of animal-derived meat.
“Cultured meat technology is the Apollo program of the 21st century,” Professor Yaakov Nahmias, founder and chief scientific officer of Future Meat Technologies, said. “It required massive efforts of biologists, chemists, engineers, and food experts to reduce the cost of cultured meat by over 1,000-fold in just a few years. We are proud to be within reach of cost parity with traditional agriculture without any need to resort to genetic engineering, ensuring the supply of safe, delicious food for coming generations.”
Future Meat Technologies Reduces Cost of Cultured Chicken Breast Below $10
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REHOVOT, Israel, Feb. 1, 2021 /PRNewswire/ Future Meat Technologies, an Israel-based company developing innovative technology to produce cultured meat, beat market expectations by reducing the production cost of a cultured chicken breast to $7.50. The company has also raised an additional $26.75 million in funding through its strategic partners, enabling it to scale up its production and accelerate research and development.
(PRNewsfoto/Future Meat Technologies)
Future Meat Technologies cultured chicken has a single-digit production cost for a quarter pound serving, providing the same texture and distinct aroma of farm-raised chicken meat through a unique blend of cultured chicken and plant proteins. The company plans to market its products to consumers and restaurants within 18 months.