An Israeli foodtech startup that produces lab-grown chicken breast has managed to reduce the production cost of its offering to $7.50 per one quarter pound, beating market expectations.
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Future Meat Technologies, based in Rehovot, announced this week that it has also raised another $26.75 in funding, allowing it to scale up production and accelerate research and development.
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.
Future Meat Technologies advertises it cultured chicken as providing the same texture and distinct aroma of farm-raised chicken meat. The company plans to market its chicken products to consumers and restaurants within 18 months, and is also developing cultured lamb kebabs and beef burgers.
"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," Nahmias explained.
According to "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, CEO of Future Meat Technologies.
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