Imagindairy, an Israeli FoodTech startup that develops animal-free milk proteins, added another $15 million in investments to its seed round of funding. This brings the company’s total seed funding to $28 million to date.
Dairy alternatives are not just for people with lactose issues or vegans anymore. The development of alternatives for animal based products is now part of the worldwide campaign against climate change. Dairies, with all of the energy and resources that go into them, combined with the waste produced by all of those cows, is a major factor in global warming and pollution in general.
Israel is ripe with startups making alternative food products to replace meat, fish and dairy. This is not only good for vegetarians, but it is also good for the environment because farmed meat, poultry and fish use up tremendous resources and leave behind waste that harms the environment.
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Redefine Meat is raising an additional $250 million in funding. The company develops meat substitutes with 3D printing that it says taste just like the real thing. Calcalist reported that Bank of America is working with Redefine on the new influx of capital.
Co-founded by Eyal Afergan, PhD; Tamir Tuller, PhD; and Arie Abo, PhD, Imagindairy is working on “guilt-free,” animal-free dairy milk proteins. The company utilizes 15 years of research in evolutionary genomics for the advancement of high-yield protein expression and production. The use of advanced computational and molecular biology technologies enables Imagindairy to develop cost-effective processes that overcome considerable barriers in the emerging precision-fermentation industry.
Imagindairy says that its proprietary platform significantly amplifies protein expression, enabling exceptionally cost-effective production of animal-free milk proteins. This overcomes one of the biggest hurdles in alt-dairy protein production, allowing brands to sell analog dairy products at consumer-friendly prices—a major requirement for mass-market adoption.
“This extremely successful seed round reflects a strong vote of confidence in Imagindairy and its vision to lead the animal-free dairy industry,” enthuses Eyal Afergan, Co-Founder and CEO of Imagindairy. “This substantial injection of capital will serve to advance our ability to make true dairy alternative products a day-to-day reality.”
“It is exciting to cooperate with such an ambitious and creative company like Imagindairy in pioneering the new generation of dairy products,” adds Jonathan Berger, CEO of The Kitchen FoodTech Hub. “Imagindairy’s technology has the potential to be a pivotal catalyst for radically advancing the field of precision fermentation, making animal-free dairy products accessible and readily available to all.”