Biotechnology startup Tiamat Sciences has announced its $3 million seed financing round led by Silicon Valley venture capital firm True Ventures with participation from Social Impact Capital and Cantos.
“Our technology can help to promote animal-free alternatives not only for food but also for the pharmaceutical industry,” said France-Emmanuelle Adil, founder and CEO of Tiamat Sciences. “Plants are a great system to work with; they grow fast, are small water and energy consumers, and they are compostable. The technology offers flexibility with production for a diversified product portfolio.”
“From regenerative medicine to cellular agriculture, numerous companies are looking for animal-free solutions for their activities,” said Adil. “Our exclusive plant-based production system allows us to answer those needs with a wide range of reagents. By targeting nascent markets on the verge of scale-up, we’ve already demonstrated significant traction for our solutions and an early revenue potential that is outstanding for a biotech startup.”
“Affordable animal-free growth factors are a long-awaited ingredient for cellular-agriculture companies in their mission to bring cultured meats to the market,” said Ryan Bethencourt, CEO of Wild Earth and Tiamat Science’s chairman. “Thanks to its innovative production platform using plants as bioreactors, I’m confident that the Tiamat team will address both the price and scalability challenges on one of the most exciting markets of the century.”
“We follow best-in-class founders into the future as they invent the missing pieces of their industries,” said Phil Black, co-founder of True Ventures. “This is absolutely the case with the Tiamat team. Their innovations in cellular agriculture and biotechnology will advance multiple industries and even the work of other companies in our portfolio. We’re here to play a supporting role in this exciting shift to a more plant-based future.”
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