Plant-based recombinant protein provider Tiamat Sciences has reportedly bagged $3 million in a seed financing round initiated by True Ventures. This round also includes participation from other investors namely Cantos and Social Impact Capital.
The latest funding will aid the biotech startup in technology development as well as building a pilot production plant in Durham, North Carolina. For the record, Tiamat Sciences is one of the biotech companies developing a cost-effective biomolecule, with an objective to replace bioreactors. Cellular growth medium is considered a component of cellular agriculture that ensures manufacturing of lab-grown meat at an economical price. The traditional ways of developing these reagents or growth factors, however, are of high costs, thus creating challenges in large-scale manufacturing processes.
On average, lab-grown meat is made available at around $50, sources familiar with the matter cited. However, the new technologies could cut down the cost drastically to a reasonable $3 per pound by 2030.
Founded in 2019, Tiamat Sciences intends to manufacture animal-free proteins through the adoption of a proprietary plant molecular farming approach. Such an approach combines computation design, vertical farming, and biotechnology to reinvent recombinant proteins.
Tiamat Sciences’ CEO and Founder, France-Emmanuelle Adil, revealed that the current growth factor is developed at $2 million per gram, which could be reduced 10 times through combined efforts of the company and others. It also lends a high emphasis on making it 1,000 times cheaper to facilitate large-scale production of cellular meat by 2025.
The biotech company has notably commenced the development of its first product, which is expected to be released by 2021 end. It would then send the samples to customers for testing to further boost development through new potential partnerships in 2022.
Adil further stated that Tiamat’s new approach could also be deployed in applications like vaccine production and regenerative medicine, apart from food. The company is working on its significant expansion by the end of 2022 to reach over 100,000 facilities and is apparently in talks with other companies to scale production.