Miruku, a pioneer in plant-based dairy technology, secures additional capital as it advances its innovative approach to proof of concept.
(Photo : Miruku)
Miruku's NZ management team - Back: Abby Thompson (COO), Ira Bing (Co-Founder, Head of Strategy); Front: Thomas Buchanan (Ops Lead), Amos Palfreyman (Co-Founder, CEO), Lachlan Nixon (Motion Capital)
Securing More Capital
Operating within the dynamic landscape of food tech investment, Miruku maintains its lead with cutting-edge molecular farming technology. CEO Amos Palfreyman underscores the effectiveness of their proactive strategy, positioning Miruku several years ahead of its emerging competitors.
Going beyond the traditional challenges of dairy production, Miruku's expansion aims to tackle critical food security and nutrition issues. Miruku secured $2.4 million in seed funding to refine its molecular farming technology.
As stated in its press release, this groundbreaking approach involves programming plant cells to function as miniature factories, capable of synthesizing essential proteins, fats, and sugars, traditionally derived from animals.
In a significant development, the company also unveiled a $5 million investment in what Palfreyman referred to as a pre-Series A round. Motion Capital spearheaded the funding, with participation from Movac, an investor from the seed round, and NZVC, a new investor.
While Palfreyman did not disclose the company's valuation, he confirmed that it marked an "up round."
This fresh injection of capital empowers Miruku to bolster its crop development initiatives, notably through a strategic partnership with CSIRO (Commonwealth Scientific and Industrial Research Organization), the prominent Australian government agency specializing in scientific research.
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As part of this collaboration, Miruku intends to conduct field trials in Australia using its modified safflower varieties, as outlined by Palfreyman.
Miruku's foremost priority is to advance its technology and move closer to market readiness. This includes broadening its presence in Australia and exploring avenues to establish a foothold in the United States.
Setting Apart from Competitors
While competitors like Mozza Foods and Nobell Foods also harness molecular farming, Miruku sets itself apart with its business-to-business focus and the unique capability to modify both proteins and fats within the same plant.
Additionally, TechCrunch reported that Miruku's strategic choice of safflower as its primary crop underscores its commitment to sustainability and resilience in varying climates.
Following its seed round, the company has made significant strides in refining its proprietary dairy seed system. Initially, Miruku focused on programming plants to produce dairy proteins that could be extracted from seeds.
However, the approach has since evolved to capitalize on the interactions between recombinant dairy casein and native plant proteins, with or without enhancements to fatty acid profiles.
This breakthrough enables the company to utilize a larger portion of the seed, converting it into a versatile range of ingredients tailored for the food and beverage industry. Miruku has successfully achieved several key proof-of-concept milestones, demonstrating the viability and potential of its dairy seed system.
In tandem with these advancements, Miruku has expanded its team, tripled its size, and established partnerships with various food manufacturing partners for collaborative development opportunities.
Additionally, the company has broadened its presence to include Israel and Australia, with Australia serving as the launch pad for its initial market entry.
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