Closing soon: Major investors join lab-grown meat revolution
ProFuse - delivering tomorrow's food today
- Pre-revenue, early-stage startup nurtured at Israel's Fresh Start incubator, using technology created at the Weizmann Institute, accelerates production of lab-grown meat, reducing costs, making it more economically viable for large-scale production
- Three leading investors in cultivated meat sector join funding round
- Israeli food giant Tnuva doubles investment
- Discussions underway with leading cultivated meat companies following completion of successful POCs
- Launched proprietary AI platform that slashes key part of production process from weeks to seconds; second generation of proprietary growth cocktail to be released imminently
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Dear Josb,
The world's population is growing fast, threatening the future of global food supplies. Within 30 years, the meat industry will need to double its production to meet demand. Consumers are looking for meat alternatives to replace those produced from farm animals.
OurCrowd is investing in ProFuse, an Israeli startup based on years of research at the Weizmann Institute that has created the technology to produce lab-grown meat at scale. The details here are based on information received from, and verified solely by, the company.
This deal is closing soon. Please note that if you wish to participate in the round, signed documents and funds need to be received by Tuesday, June 28th, 2022.
Since OurCrowd first launched this opportunity in April, the company reports the following milestones:
Three new investors: New investors joining this round include two US-based VCs that are leading investors in the cultivated meat sector and a major beef supplier.
Israeli food giant doubles investment: Tnuva, Israel's largest dairy and food manufacturer, is doubling its pro-rata allocation.
Commercial discussions follow POCs: The company has started discussions about commercialization with leading cultivated meat companies following the successful finalization of a second round of POCs.
New AI platform: The company launched a first-of-its-kind, proprietary AI platform that slashes a key part of the product optimization process from weeks to seconds. The platform performs high-throughput analysis of a customer's cultivated meat production method, and maximizes the ProFuse media supplement benefits.
Next-gen media supplement: The second generation of the company's proprietary media supplement will be released in June. The advanced line of media supplements significantly increases the impact of the ProFuse product on cultivated meat in terms of cost reduction and quality improvement.
Regulatory discussions: The company is already holding ongoing discussions with regulators in key jurisdictions and expects to receive regulatory approval in H1 2023.
The technology
ProFuse's technology develops muscle tissue of cultivated meat quicker and increases yields while improving the nutritional value of the final product. It targets a unique molecular signalling pathway which robustly regulates muscle cell differentiation, fusion and maturation. The development relies on six years of research conducted at the Weizmann Institute which established a detailed biochemical signalling pathway, and was proven in the lab for chicken, beef and lamb.
The team
The ProFuse team combines the skills of successful serial entrepreneurs, and Weizmann Institute scientists.
The opportunity
Proceeds from this $2.5M SAFE will be used to demonstrate how the technology can grow a whole cut of meat, chicken or similar, and demonstrate the utility of the ProFuse product in other species, particularly fish. ProFuse also plans to use the funds to expand its lab and R&D infrastructure, purchase a 2L bioreactor, and expand its R&D team.
This deal is closing soon. Please note that if you wish to participate in the round, signed documents and funds need to be received by Tuesday, June 28th, 2022.
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