SavorEat has raised $13 million in its Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE), which has valued the company at $51.2 million. Meanwhile, Meat-Tech 3D has announced the successful printing of a centimeter-thick cultured beef structure, surpassing its previous milestone of printing a uniform meat tissue derived from stem cells.
SavorEat goes public
Founded in 2018, SavorEat uses a combination of 3D printing technology and advanced cooking methods to produce plant-based alternative meats. The firm’s “robotic chef” uses 3D printing to transform a plant-based formula into cooked products that imitate the taste and texture of meat, including fat, muscle, and tissue. SavorEat’s technology also allows for the 3D printing of alternative meats with personal preferences, allergen concerns, and other genetic modifications in mind.
After receiving significant investment earlier this year, SavorEat has now gone public with its business and is listed on the TASE with a valuation of $51.2 million. The offering raised $13 million and was lead by investment firm Psagot Provident, alongside other leading Israeli investors Mor Gemel and Meitav Dash.
“The IPO has some additional advantages over other investments, such as the recognition of the potential we have as a company in the local ecosystem as well as the potential of the foodtech market,” said Racheli Vizman, co-founder and CEO of SavorEat. “This brings a lot of new and growing business opportunities locally and globally, access to capital in the future and the money we raised will help us to boost our technology, product, and market penetration.”
Additionally, the firm has signed a cooperation agreement with one of Israel’s well-known burger franchises, BBB chain. The first pilot project of its kind in Israel, the collaboration will see SavorEat work with the franchise on product development and system installation. The company will also have the opportunity to test its marketing reach throughout Europe, Asia, and the U.S.
“There have been just a very few IPO’s in TASE in the past year, being one of these few showcases the importance of the company’s activity for the local market,” Vizman continued. “I would like to add that this is the first of its kind IPO for a food-tech company in TASE, this emphasizes the general idea of how big this IPO is for SavorEat and for the Israeli market in general.”
Looking to the future, SavorEat will use the money raised from the IPO to boost its development activities, add additional pilot testing, and support the commercialization of its technology. The firm is currently seeking international partnerships, particularly in the U.S., and hopes listing on the TASE will help to develop further global collaborations.
Advancing Meat-Tech 3D’s technology
Already trading on the TASE, Meat-Tech 3D has announced the successful printing of an edible centimeter-tall cultured beef fat structure, bringing the firm one step closer to developing high-throughput 3D tissue printing technology “clean meat” tissue.
The beef structure is made up of bovine fat cells and bio-ink developed from stem cells in Meat-Tech’s laboratories. The company hopes that in time its 3D bioprinting technology will include additional components such as muscle cells, and will eventually help to avoid the slaughtering of animals for meat.
Meat-Tech recently closed a $7 million funding round for its 3D bioprinted cultured meat production technologies, shortly after filing for an IPO in the U.S. The company has also invested in cultured fat product developer Peace of Meat, which it plans to fully acquire for a total of $17.5 million.
Meat-Tech is currently working on a proprietary novel bioprinter to deposit layers of cells, scaffolding, and cell nutrients to form 3D printed cultured meat. Currently, cell lines are taken from a sample of animal umbilical cord and differentiated into inks with different cell types, such as fat and muscle. These are then bioprinted to create the meat structure, which is grown in incubators.
Israel’s 3D printed food scene
In addition to SavorEat and Meat-Tech 3D, there are several other food technology companies that are experimenting with 3D printing for alternative meat products.
One example is Redefine Meat, which raised $6 million in seed funding last year in order to develop its alternative-meat 3D printer. Founded in 2018, the firm is using 3D printing to address the sustainability of the meat industry through producing plant-based meat substitutions. Earlier this year, Redefine Meat unveiled Alt-Steak, its first industrially 3D printed vegan steak product, which is to be market-tested at select high-end restaurants before becoming available to the market at some point in 2021.
Also active in this sector is cell-based 3D bioprinting platform Aleph Farms, which grows “real steak” directly from cow cells, and has previously 3D printed meat on the International Space Station (ISS). The firm is currently discussing plans with several space agencies and technology partners to build a consortium focused on producing meat in extraterrestrial Human colonies.
Yoav Reisler, external relations manager at Aleph Farms, told 3D Printing Industry: “We are partnering with global space agencies and building a collaborative consortium for long-term R&D contracts of cultivated meat production in space. These contracts have the target of building local BioFarms on extra-terrestrial planets too, like Mars or the Moon.
“They are about building the infrastructure for deep-space exploration and for a self-sustaining human colony in space: with local food production operations, local food economy and unconditional supply of nutritious food.”
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Featured image shows SavorEat has raised $13 million in its Initial Public Offering on the TASE. Image via SavorEat.