REHOVOT, Israel — 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.
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.
The company is backed by the leading forces in the food and agriculture industries 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.
"Cultured meat technology is the Apollo program of the 21st century," said Prof. Yaakov Nahmias, founder and chief scientific officer of Future Meat Technologies. "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 is committed to advancing cost-efficient, non-GMO meat produced directly from animal cells, without the need to raise or harvest animals. The company's proprietary technology is based on the rapid natural proliferation of connective tissue cells growing in stainless steel fermenters that continuously remove waste products to maintain a constant physiological environment.
"Cost-efficient production has been a critical focus area for the cultured meat industry. This development is a major step forward in Future Meat Technologies' ability to provide affordable, scalable and sustainable products that can meet the growing demand for meat," said Rom Kshuk, chief executive officer of Future Meat Technologies.
Future Meat Technologies expects its pilot facility to start production in the first half of 2021 and is currently seeking regulatory approval in several territories. The company's ability to produce cultured fat is a major advantage, as it doesn't need to rely on palm oil or high sodium levels to mask the flavour of plant proteins like other players in the industry. In addition to cultured chicken, the company is also developing cultured lamb kebabs and beef burgers.