Israeli cultured meat startup Future Meat Technologies, which received financial backing from poultry giant Tyson Foods as well as ADM and Müller Group, announces it has reduced production cost for a quarter pound of cultured chicken to $7.50, far surpassing market expectations; a cost reduction of over 1,000-fold in just a few years. The company has also secured $26.75 million in a new raise.
The company, which secured $14 million Series A in October 2019, states its plans to market its products to consumers and restaurants within 18 months, and is currently seeking regulatory approval in various territories. Following the chicken product, FMT will develop cultured lamb kebabs and beef burgers. Its ability to produce cultured fat sets it apart with a distinct advantage as it will not have to rely on the use of saturated fats or palm oil or additives such as sodium.
Prof. Yaakov Nahmias, founder and chief scientific officer of Future Meat Technologies, states; “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.”
“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.