Future Meat Technologies raises $347 million for cultivated meat
The company is accelerating plans for the mass production of cultivated meat in the US
20 December 2021
2 minute read
Future Meat Technologies announced that it has raised $347 million in Series B round of financing. The funding will be used to continue developing innovative technology to produce cultivated meat.
The company also announced that it is now producing cultivated chicken breast for just $7.70 per pound, or $1.70 per 110-gram chicken breast. That price is down from under $18 per pound just six months ago.
"We are incredibly excited by the massive support of our global network of strategic and financial investors," said Yaakov Nahmias, founder and president of Future Meat. "This financing consolidates Future Meat's position as the leading player in the cultivated meat industry, just three years after our launch."
"Our singular technology reduced production costs faster than anyone thought possible, paving the way for a massive expansion of operations," continued Nahmias. "Our team will break ground on the first-of-its-kind, large-scale production facility in the United States in 2022."
Future Meat opened the world's first cultivated meat production line in Israel earlier this year, and is now scouting several locations in the United States for its projected large-scale production facility.
Future Meat's proprietary technology is based on stainless steel fermenters which continuously remove waste products generated by "immortal" tissue cells. This allows the company to maintain a constant physiological environment which supports rapid, natural, proliferation of animal cells.
The company said this connective tissue method is more robust and efficient than others using stem cells, and that its rejuvenating fermenters can recycle over 70% of the nutrients.
The company claims it is the most cost-efficient manner available today.
