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British biotech CellulaREvolution has recently raised £1 million (US$1.37 million) to further accelerate its cell culture technology. Unlike traditional batch technologies in the sector, the startup has developed a continuous cell culture system that enables high yields at greater cost efficiencies, which has opportunities for large scale applications in the cultivated meat industry.
CellulaREvolution, a biotech firm born out of Newcastle University in 2019, has bagged £1 million (US$1.37 million) for its novel technology that makes cell culturing more efficient and affordable. The funding round saw participation from CPT Capital, Stephan Schmidt and Orange Light Ventures. Funds managed by Northstar Ventures, the North East Innovation Fund backed by the European Regional Development Fund and the Northern Accelerator Seed Investment Fund (NASIF) also joined the round.
The latest capital raise follows the startup’s initial pre-seed financing completed in 2019, from both direct investments and grants. CellulaREvolution has since its inception been awarded a number of government-backed innovation grants, with a disclosed value of more than £200,0000 (approx. US$275,000).
CellulaREvolution’s technology is different from existing traditional batch-based cell culturing techniques, which are not able to meet the demand for cells as demand from various industries continues to grow – especially in the cultivated meat sector, where food techs are racing to launch their cell-based proteins on the market following the world’s first regulatory approval for commercial sale in Singapore secured by Eat Just last year.
We are now ready and equipped to accelerate the development of our products and make a true innovative impact on the way cells are grown.Leo Groenewegen, Co-Founder & CEO, CellulaREvolution
Their novel approach, which is a continuous cell culturing system, enables higher yields with lower input requirements, while also lowering the environmental footprint of manufacturing compared to traditional batch technologies.
Aside from cell-based meat, the company’s technology can be applied in the cell therapy, pharmaceutical, medical and biologics fields, but co-founders Martina Miotto, Che Connon and Leo Groenewegen believe that cultured meat is where the real opportunity for growth lies.
“The technologies that CellulaREvolution produces will enable this industry to produce at real scale and at affordable cost contributing to far reaching environmental and ethical benefits,” said the startup in a press release.
“Investors both understand and believe the technological advantage our future products will have over others in this rapidly expanding market,” continued CellulaREvolution co-founder and CEO Groenewegen. “We are now ready and equipped to accelerate the development of our products and make a true innovative impact on the way cells are grown.”
The work that they are doing is of critical importance in establishing cultivated meat as a realistic, viable and attractive alternative to factory farming in meeting the world’s growing demand for food.CPT Capital
It’s no doubt one of the reasons that CPT Capital has backed the firm, a venture capital who lists a number of leading cultivated food techs among its investment portfolio, including California-based startup Memphis Meats, Israel’s Aleph Farms and BlueNalu, a U.S. cultured seafood maker.
Commenting on their decision to finance CellulaREvolution, CPT Capital said in a statement: “The work that they are doing is of critical importance in establishing cultivated meat as a realistic, viable and attractive alternative to factory farming in meeting the world’s growing demand for food.”
“They have a clearly identified market opportunity and a groundbreaking, scalable solution. They are developing a technology which could be fundamental to the economics of production, and a real game changer. It also demonstrates the innovation and ambition that is prevalent in spin outs here in the North East,” added Alex Buchan, investment director at Northstar Ventures.
Lead image courtesy of CellulaREvolution.