A Scottish research team working on ways to grow meat in a laboratory has secured a fresh investment of £11 million that will be used to extend its technology from cows and pigs into other species.
Roslin Technologies, known colloquially as Roslin Tech, also aims to develop cell lines for a broader range of cattle and swine breeds as it seeks to help meet demand for protein alternatives to slaughtered meat. Known as “cultivated meat”, these products are created from pluripotent stem cells that can develop into different types of tissue such as muscle or fat.
The funding round was led by Novo Holdings of Denmark, a specialist international investor in the life sciences sector. Other new backers include Kairos Capital, Nutreco, Future Planet Capital, Esco Lifesciences, Alchimia, and a number of private investors.
Chief executive Ernst van Orsouw said Roslin Tech will also invest further in its insect venture, which focuses on breeding insects for protein that can be used for animal feed and fertiliser. The company is working on this with Singapore’s Protenga after taking a minority stake in the business, which farms black soldier flies.
“We are excited to welcome Novo Holdings and other investors on our journey to improve the food system,” Mr van Orsouw said. “With the investment and strategic support, we can accelerate the development of better cells for the sector and focus on making our customers successful.”
READ MORE: Scottish researchers advance tech for growing meat in a laboratory
Roslin Tech announced last month that its pig cell lines for cultivated meat have entered the next stage of testing in more than 10 sites around the world after successfully completing proof of concept.
The Scottish company is the only commercial provider of induced pluripotent stem cells in a small but growing market that experts have predicted could be worth £21 billion globally by 2030. Roslin Tech provides its cells and media products, which have been shown to replicate indefinitely and without the deterioration demonstrated by others, to cultivated meat producers in North America, Europe, Asia and the Middle East.
As part of the funding deal Nis Bak of Novo Holdings and Antony Siau of Kairos Capital with join the board of Roslin Tech as non-executive directors.
“We’ve been impressed with Roslin Technologies’ team and innovative technologies, which have the potential to materially improve the production of novel, sustainable proteins,” Mr Bak said.
“We are excited to invest alongside a strong syndicate of investors whose joint vision for Roslin Technologies and complementary capabilities will be a great asset to the company in its continued development.”
READ MORE: Roslin Tech in multi-million bid to fund sustainable food
Founded in 2017 as a venture between two investment firms and the University of Edinburgh, Roslin Tech has certain rights to commercialise intellectual property from the university’s Royal (Dick) School of Veterinary Studies and the Roslin Institute, which is known globally for Dolly the Sheep, the world’s first mammal cloned from the cells of an adult.
Roslin Tech has previously received funding from Scottish Enterprise, Future Planet Capital and Old College Capital, the University of Edinburgh’s venture capital fund.
“We are delighted to welcome Novo Holdings as partner and look forward to jointly supporting Roslin Technologies,” said Catherine Martin, vice principal of corporate services at the University of Edinburgh.
“The scale of this new investment and the calibre of its source is a great testament to the expertise and experience of the Roslin Technologies team and a great indicator of likely future success.”
Mr Siau, the founder of Singapore-based Kairos, added: “The combination of innovative technology, robust business model and expert scientific team makes Roslin tech a uniquely qualified investment from our newly-launched Kairos FoodTech Fund.
“We look forward to working with the Roslin Tech board and leadership team to further expand its presence, particularly in Asia.”
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