Avant Meats raises $10.8 million for its cell-cultured seafood

According to documents filed with the Accounting and Business Regulatory Authority (ACRA) of Singapore, ParticleX, Lever VC, Artesian, Thia Ventures, CPT Capital and the Good Protein Fund have invested in the seafood-based company. on the cells. The lead investor in this round, S2G Ventures, invested $5 million in Avant Meats. S2G is generally known for investing in companies that develop innovative technologies for the food, agriculture, oceans and clean energy sectors.

ACRA filings only reflect equity funding received so far in the round. The overall funding cycle could be larger and potentially include other components such as debt.

Avant Meats’ last fundraising was in December 2020, when it closed $3.1 million in seed capital. This supported the company’s research and development efforts as it worked to launch its cell-based fish products in the Chinese market.

Avant Meats is China’s leading meat culture biotechnology company and, according to BusinessStreetAsia, is the only company in Asia to develop cultured meat for food, skincare and cosmetics using its proprietary technology that produces residue-free protein directly from fish cells. Avant Meats claims the patent-pending technology is a scalable, safe, efficient and reliable biological process.

As it progresses, Avant Meats hopes to produce fully traceable and sustainable cultured proteins in a biosecure environment that will be suitable for consumption, skin care and other functional applications. To achieve these goals, the company has partnered with the Bioprocessing Technology Institute within the Singapore Agency for Science, Technology and Research (A*STAR). The partnership will help scale Avant’s process to generate food-grade, cost-effective cell-cultured fish.

According BusinessStreetAsia, the companies will develop and optimize solutions to scale the production of cultured fish cells. They will identify key factors that impact cell-based fish cell growth and develop processes and designs to improve production economics and scale-up.

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