Future Meat Technologies secures investment through Tyson Ventures

Israel-based biotechnology company Future Meat Technologies has secured funding through a seed investment round, which was co-led by Tyson Ventures, a venture capital arm of Tyson Foods.

Future Meat is engaged in the development of a new manufacturing technology, which focuses on cost-efficient and non-GMO production of meat directly from animal cells, thereby eliminating the need to raise or harvest animals.

Through the seed investment round, the biotechnology company is said to have raised an investment of $2.2m.

In addition to Tyson Ventures, others such as Neto Group, S2G Ventures, BitsXBites, Agrinnovation and HB Ventures participated in the investment round.

Future Meat founder and chief scientist Yaakov Nahmias said: “It is difficult to imagine cultured meat becoming a reality with a current production price of about $10,000 per kilogram.

“We redesigned the manufacturing process until we brought it down to $800 per kilogram today, with a clear roadmap to $5 to $10 per kilogram by 2020.”

Future Meat intends to use the funds to establish its engineering activities and increase its biological research.

The company is currently recruiting engineers, chefs, and scientists.

Tyson Foods Corporate Strategy executive vice-president Justin Whitmore said: “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.

“We continue to invest significantly in our traditional meat business but also believe in exploring additional opportunities for growth that give consumers more choices.”