Israel, September 15, 2022 — — Profuse Technology, an Israeli foodtech startup, today announced the completion of a USD 2.5 million seed funding round, bringing its total raised to USD 3.75 million since its founding. The company’s mission is to revolutionize the production of cultivated meat by reducing its duration, enhancing its quality, and increasing yields.
OurCrowd, Tnuva, and Tempo, who are already shareholders, join Green Circle, an investment firm focused on foodtech based in New York. Siddhi Capital, a pioneer in investing in farmed meat, Kayma, the investment arm of De-Levie, a meat industry expert, and other private investors, are among the new investors.
The business will use the money to work with growers of meat, get FDA regulatory approval, and grow its labs and research and development team. The funds will also put the business in a position to raise a sizable amount of money by the conclusion of the 2023 second quarter to commercialize its customer relationships.
Stu Strumwasser, managing director of Green Circle and a longtime vegetarian, said:
“We have been cautiously hopeful about produced meat for some time and reticent to invest in producers. While we think that bioreactors might one day be able to generate large amounts of meat, we think that it might take longer than most people think for these technologies to scale or produce beef, pork, or chicken at prices that are even remotely comparable. The innovative Technology from ProFuse may significantly speed up that procedure and drastically alter the economics of selling lab-grown meat.”
The FAO claims that factory farming animals for food have a considerable negative impact on biodiversity loss, air and water pollution, and climate change. Feeding and irrigating a sizable number of animals while depleting sizable portions of land to generate significant animal-based products worldwide is essential. This business produces more greenhouse gas emissions than by other forms of transportation combined worldwide, accounting for 20% of global emissions. According to a recent study, 20 animal food producers are more accountable for greenhouse gas emissions than France, Germany, or Great Britain combined.
More about the startup:
As a part of the FRESH START Foodtech incubator run by the Innovation Authority, ProFuse Technology was established in June 2021 by a group of 4 partners, including Tnuva, Tempo, OurCrowd, and Finistere Ventures. The Weizmann Institute of Science, under the direction of its Co-Founders Dr. Tamar Eigler-Hirsh, Professor Eldad Tzahor, and Dr. Uri Avinoam, completed six years of research that served as the foundation for Profuse’s Technology. Co-founder and CEO Guy Nevo Michrowski is in charge.
Profuse Technology creates additives for cultivated meat media that, by increasing the mass of the generated meat and speeding up the production process, drastically lower farmed meat costs. The Weizmann Institute of Science team’s landmark six-year study was the foundation for Profuse’s Technology. The activation (patent pending) of a biochemical signaling system that promotes muscle cell fusion and speeds differentiation underlies the company’s solutions and additives. Established in 2021, Profuse is a part of the Fresh-Start food incubator, which is run by OurCrowd, Tempo, Finistere Ventures, Tnuva, the largest food producer in Israel, and Finistere.
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