Cell-Cultured Meat Startup CellX Obtains Almost 100 Million Yuan in A-Round Financing
CellX, a cell-cultured agricultural tech startup, has recently completed round-A financing of nearly 100 million yuan ($14.7 million). The round featured investment by existing shareholders including Lever VC, Agronomics and Better Bite Ventures, as well as strategic investors such as Jiawo Venture Capital.
Founded in 2020, CellX is an agricultural tech firm with cell-cultured meat as its core product. “Cell agriculture is a green and low-carbon platform technology. It uses animals, plants and microbial cells to directly produce new proteins and new materials and other related products. Compared with traditional production methods, it is more efficient and more sustainable in terms of resources,” said Yang Ziliang, the co-founder and CEO of CellX.
CellX has initially established four technology R&D platforms: cell line, culture medium, new process and innovative products, which can be used to develop different types of products, which can be applied within the field of cell agriculture. “Cultivated meat is the category with the largest potential market and the most prominent carbon reduction prospects in cell agriculture. CellX has initially established several R&D pipelines for cultivated meats such as beef, chicken and pork,” Yang Ziliang added.
After one and a half years of hard work, the CellX team has developed a “cell seed” that can grow stably and also a low-cost medium for the product. The breakthrough of these two technologies is very important for cost reduction and scale production.
SEE ALSO: GAC’s Ride-Hailing Platform ONTIME Bags Over $152M in A-Round Financing
Different from other companies’ minced meats, CellX mainly promotes structured meats, and its core scaffold technology and food production technology make cell-cultivated meat more attractive in terms of their shape and taste. “The shape and taste of cultivated meat end products directly affect consumers’ acceptance of products,” CellX co-founder explained.
Up to now, CellX has reached key strategic cooperation in the middle and lower reaches of the cell agriculture industry chain, including with leading culture medium enterprises and growth factor partners. Some of these partners include top universities both in China and abroad, such as Zhejiang University and East China University of Science and Technology, and Bluu Seafood, a leading company within the cell-cultivated seafood industry in Europe.