Key Takeaways:
- Strategic Partnership Formed: Evogene Ltd. and The Kitchen FoodTech Hub announce the establishment of Finally Foods Ltd., aiming to revolutionize the alternative proteins market through molecular farming.
- AI-Driven Molecular Farming: Finally Foods, leveraging Evogene’s GeneRator AI technology, specializes in modifying plants to produce sustainable alternative proteins, shortening R&D cycles and accelerating market entry.
- Market Potential: With the global alternative proteins market expected to grow significantly, Finally Foods positions itself to capture market share through its innovative production method.
- Funding and Ownership: Securing pre-seed funding from The Kitchen Hub and the Israeli Innovation Authority, Evogene holds a 40% stake in Finally Foods, with the rest shared among The Kitchen Hub and the founding team.
Innovating Sustainable Alternatives in the Food Sector with Finally Foods
Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a leader in computational biology, alongside The Kitchen FoodTech Hub (TKH), the incubator and investment arm of the Strauss Group, have jointly announced the creation of Finally Foods Ltd. This new venture marks a significant step forward in the development of sustainable food technologies, focusing on molecular farming to provide alternative protein sources.
Leveraging Technology for Sustainable Protein Production
Finally Foods aims to modify plants to act as bioreactors, efficiently and responsibly producing proteins as an alternative to animal-based sources. By utilizing Evogene’s advanced GeneRator AI technology, Finally Foods is set to streamline the R&D process, ensuring rapid development and commercialization of its products.
Capturing a Growing Market
The alternative proteins market, valued at USD 17.6 billion in 2022, is projected to expand to USD 55 billion by 2032, with an anticipated CAGR of 12%. Finally Foods seeks to harness this growth opportunity by employing molecular farming—an approach that stands out for its efficiency and environmental benefits.
Strategic Collaboration and Funding
Finally Foods has garnered pre-seed investment from TKH and the Israeli Innovation Authority, showcasing strong initial support. Evogene’s significant ownership stake in the company underscores its commitment to this innovative endeavor, while the expertise of co-founders CEO Dafna Gabbay and CTO Dr. Basia J. Vinocur provides a solid foundation for success.
Leadership Insights
Ofer Haviv, President & CEO of Evogene, highlighted the venture’s potential impact, “By harnessing the power of our GeneRator AI tech-engine, molecular farming has the potential to revolutionize the food industry and promote healthier diets worldwide.”
Amir Zaidman, Chief Business Officer of The Kitchen Hub, praised the founding team’s strength and the decision to support the company from its inception.
Dafna Gabbay, Co-Founder & CEO of Finally Foods, shared her vision for the company’s role in advancing global food security and sustainability, “Molecular farming represents a catalyst towards global food security and a more sustainable future, and I am proud to lead ‘Finally Foods’ to support this crucial vision for the world.”
Evogene Latest News
Evogene Bags €1.2M EU Grant for Climate-Resilient Crop Development (2023/05/10)
Evogene Ltd.’s Ag-Seed Division has received a €1.2 million grant from the EU Horizon program to pioneer the creation of climate-resilient oil-seed crops. The Crop4Clima project aims to develop oil-seed crops, initially canola and rapeseed seeds, capable of assimilating 60% more carbon dioxide from the atmosphere and requiring 20% less water intake compared to crops grown under conventional agricultural practices. This program seeks to develop enterprises that tackle climate challenges and cultivate environmentally sustainable crops to better address climate change.
Photo by Chad Elliott on Unsplash
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