Tiamat Set to advance Lab Grown meat Industry with $3M Seed Funding
Tiamat Sciences Corp. has just announced they have secured $3 million in seed financing through a funding round led by True Ventures. Tiamat is a biotechnology company focused on developing more cost-effective biomolecules to replace more costly bioreactors.
As more companies are looking into the development of lab-grown meats, the limitations of the industry become more apparent. The lab grown meat is made through cellular agriculture, however the traditional ways of making the required growth factors and reagents can be quite costly itself.
Tiamat is focused on the development of more cost-effective biomolecules to replace more costly bioreactors and reduce the cost of lab-grown meats from $50 down to $3 per pound.
France-Emmanuelle Adil, the company’s CEO, said “The growth factors used in media are expensive right now. We can reduce costs drastically and reach price parity with meat.”
Adil estimates that today’s growth factor costs $2 million per gram to make, but she believes that with efforts from Tiamat Sciences and others, that cost could come down 10 times with a focus on making it 1,000 times cheaper by 2025 so that large-scale production can proceed.
Thanks to a prior funding round, where the company brought in $400,000, Tiamat was able to expand into North Carolina. The combined $3.4 million will aid in building a pilot production facility in Durham as well as funding the technology development. Their designs have them well on their way to carbon-neutral production.
Growth factors are not limited to the food industry, and may be transferable to other industries such as regenerative medicine and vaccine production.
Phil Black, co-founder of True Ventures, said the investment into Tiamat Sciences fit into its plant-based portfolio. The initial money raised by the company allows them to prove to people that their technology works and to produce it at the trial level. Then will come a much larger round to scale up from liters to gallons.
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