Profuse Technology, a Kiryat Shemona – based foodtech startup focused on cultivated meat production, closed a $2.5m seed funding round.
The round, which brought total funding raised to date to $3.75m since establishment, was led by Green Circle, with participation from existing shareholders OurCrowd, Tnuva, and Tempo and new investors Siddhi Capital, Kayma, and other individual investors.
The company will use the funds to collaborate with cultivated meat producers, obtain FDA regulatory approval, and expand the research and development team, as well as its laboratories. The funds will also position the company to source significant capital raising at the end of the second quarter of 2023 to commercialize its customer collaborations.
Profuse Technology develops supplements for cultivated meat media that reduces the cultivated meat cost by increasing the produced meat mass and shortenings the production time. The solutions and additives are based on the activation (patent pending) of a biochemical signaling pathway that accelerates differentiation and enhances the fusion of muscle cells. The company aims to receive FDA approval and sell its products as early as mid-2023.
ProFuse technology was founded in June 2021 as part of the FRESH START Foodtech incubator operating under the Innovation Authority and a consortium of 4 partners: Tnuva, Tempo, OurCrowd, and Finistere Ventures. Profuse’s technology is based on six years of research conducted at the Weizmann Institute of Science, led by the Co-Founders Dr. Tamar Eigler-Hirsh, Professor Eldad Tzahor, and Dr. Uri Avinoam. Guy Nevo Michrowski is the Co-Founder and CEO.