In a recent development, biotechnology startup Tiamat Sciences which is on a mission to create a cultivated meat growth factor 1000 times cheaper than current options by 2025 – has announced its $2 million seed-extension financing round.
The round was led by New-York based VC 8090 Industries with participation from new and existing investors including True ventures, Social impact capital, Cantos, Portfolia, Alexandria, Siddhi Capital, Sara Murray, Seed folio, Sustainable Food Ventures and Exponential Impact also participated in this financing round. This brings the total fund raised by Tiamat Sciences to $5.4M.
Currently, lab-grown meat costs about $50 per pound, but new technologies could reduce that to $3 by 2030. Biotech startup Tiamat Sciences is developing a more cost-effective biomolecule to replace more expensive bioreactors.
This financing round comes as the North Carolina-based startup gears up for rapid growth, with recent expansion into new markets and partnerships.
“At 8090 Industries, we help build breakthroughs into category-defining industrial juggernauts focused on decarbonizing every sector, which is why we’re incredibly excited to back France and her team at Tiamat – as they pioneer industrial-scale production of growth factors with their proprietary animal-free recombinant proteins that are 10x cheaper than the market today with plans to drive down costs by 1,000x in a few years. With several engagements with leading protein companies already underway while its technology shows further promise for regenerative medicine and pharma, Tiamat is off to a fast start and industry leaders have taken serious notice.” said Rayyan Islam, Co-Founder and General Partner of 8090 Industries.
France-Emmanuelle Adil, the company’s CEO, founded the company in 2019 to produce animal-free proteins using a proprietary plant molecular farming approach combining biotechnology, vertical farming, and computation design. The new funds will accelerate product validation in the cellular agriculture and regenerative medicine markets and establish strategic partnerships with industry leaders.
Belgium expansion on cards
Tiamat Sciences is also preparing to commercialise its products in March 2023 in order to facilitate the biotechnology revolution of cellular agriculture and regenerative medicine with this round of funding. Further, Tiamat is preparing for its next round of funding in 2023 to achieve the site expansion in North Carolina and Belgium ahead of schedule, continuing to supply the growing demand of growth factors. “Tiamat’s most versatile platform gives the flexibility the nascent markets need to validate and succeed in each stage of development.” said France-Emmanuelle Adil, Founder and CEO of Tiamat Sciences.