Ajinomoto

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream

Plant-based Meat

<div>
 
 MycoTechnology is a startup specializing in functional ingredients extracted from mushroom mycelia via submerged fermentation. The company's primary products are 1) ClearIQ, a clean-label bitter blocker and flavor clarifier used in plant-based foods, energy drinks, and confectionery, and 2) FermentIQ, a high-quality protein source derived from plant protein fermented with shiitake mushroom mycelia, suitable for various applications including nutritional beverages, baked goods, protein-enriched snacks, frozen desserts, and dips. The company has a presence in over 100 countries through its distribution partners in North America, Latin America, Asia, and Europe.
 
 
 The company also offers a fermentation-as-a-service (FaaS) platform, designed to help startups and companies facing challenges in securing fermentation capacity. It supports bioproducts such as proteins, enzymes, and probiotics and features 300-liter, 3,000-liter, and 90,000-liter fermentation vessels, particularly suited for low oxygen transfer rate (OTR) fermentation.
 
 
 MycoTechnology's facility spanned 86,000 sq ft and could produce up to 4,000 metric tons of FermentIQ protein annually (as of 2019). The company asserted that FermentIQ is 2.5x more soluble than unfermented pea and rice blends, 2x as soluble as pea protein, and over 8x as soluble as rice protein. The company held a total of 109 patents worldwide for both products, as of October 2023.
 
 
 Key customers and partnerships
 
 
 In 
 <a href="https://sp-edge.com/updates/10147">
 May 2022
 </a>
 , MycoTechnology and the Oman Investment Authority (OIA) formed a partnership to produce a mushroom-based protein by upcycling locally sourced dates, which are in excess. The two parties will also work together to build a modern production facility in Oman, with a capacity to process 16,000 metric tons of dates annually, which is set to begin construction in H1 2023 and will be used for scaling up and commercializing the new protein. In 
 <a href="https://sp-edge.com/updates/14988">
 November 2022
 </a>
 , the company partnered with IFF to co-develop mycelia-based alternative proteins for the European market.
 
 
 Funding and financials
 
 
 In March 2022, the company 
 <a href="https://sp-edge.com/updates/9467">
 raised USD 85 million
 </a>
 in a Series E funding round led by an affiliate of Oman Investment Authority, bringing its total funding to over USD 200 million. Proceeds will be used to accelerate the company&rsquo;s growth by capitalizing on its proprietary fermentation platform and expanding its global presence by launching products in Europe, Asia, and the Middle East.
 
</div>

<div>
 
 Daiz is a Japanese startup that offers plant-based alternatives for beef, chicken, and seafood under the Miracle Meats brand. The company uses sprouted soybeans, in contrast to the commonly used dry grains, to produce its plant-based meat, following an approach called the Ochiai Germination method. Under the Ochiai Germination method, the soybeans sprout inside a steel tank triggering enzymic activities that boost the glutamic acid (amino acids that create the umami flavor) and other essential amino acids that claim to give the end product a superior flavor to dry grains.&nbsp;
 
 
 In June 2021, Daiz expanded its production facility in the Kumamoto prefecture, effectively quadrupling the plant's production capacity. The company plans to open another facility in Kumamoto in 2025 with an annual production capacity of 20,000 tons.
 
 
 Funding and financials
 
 
 In its latest funding round in 
 <a href="https://sp-edge.com/updates/22719">
 October 2023
 </a>
 , Daiz raised 7.1 billion yen (~USD 47.4 million) in Series C funding, consisting of debt and equity. The funds were earmarked for building a new production facility in Kumamoto, Japan. 
 
</div>

Empowering sustainable food innovation through food engineering tech

Alternative Ingredients

<div>
 
 MycoTechnology is a start-up specializing in functional ingredients extracted from mushroom mycelia via submerged fermentation. The company's primary products are 1) ClearIQ, a clean-label bitter blocker and flavor clarifier used in plant-based foods, energy drinks, and confectionery and 2) FermentIQ, a high-quality protein source derived from plant protein fermented with shiitake mushroom mycelia, suitable for various applications including nutritional beverages, baked goods, protein-enriched snacks, frozen desserts, and dips. The company has a presence in over 100 countries through its distribution partners in North America, Latin America, Asia, and Europe.
 
 
 
 
 The company also offers a 
 <a href="https://sp-edge.com/updates/23191">
 Fermentation as a Service (FaaS)
 </a>
 platform, which is designed to help startups and companies facing challenges in securing fermentation capacity. It supports bioproducts such as proteins, enzymes, and probiotics and features 300-liter, 3,000-liter, and 90,000-liter fermentation vessels, particularly suited for low oxygen transfer rate (OTR) fermentation.
 
 
 
 
 MycoTechnology's facility spanned 86,000 sq ft and had the capacity to produce up to 4,000 metric tons of FermentIQ protein annually (as of 2019). The company asserts that FermentIQ is 2.5x more soluble than unfermented pea and rice blends,2x as soluble as pea protein, and over 8x as soluble as rice protein. The company held a total of 109 patents worldwide for both products as of October 2023.
 
 
 
 
 In July 2023, the company unveiled a sweet protein derived from honey truffles (a fungus that grows in Eastern Europe), claiming it to be 1,500x to 2,500x sweeter than sugar with a similar calorie content to other proteins. Commercialization was anticipated to start in 2025/2026, beginning in North America and expanding to Latin America, Asia, the Middle East, and Europe.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 In May 2022, MycoTechnology partnered with the 
 <a href="https://sp-edge.com/updates/10147">
 Oman Investment Authority (OIA)
 </a>
 to produce a mushroom-based protein by upcycling locally sourced dates. In November 2022, the company partnered with 
 <a href="https://sp-edge.com/updates/14988">
 IFF
 </a>
 to co-develop mycelia-based alternative proteins for the European market. In December 2022, the company entered a supplier agreement with Brenntag, enabling customers in multiple European countries to access MycoTechnology ingredients for various food applications, including protein beverages, baked goods, and snacks.
 
 
 
 
 Funding and financials
 
 
 
 In March 2022, the company raised USD 85 million in a 
 <a href="https://sp-edge.com/updates/9467">
 Series E funding
 </a>
 round led by an affiliate of Oman Investment Authority to accelerate the company&rsquo;s growth by capitalizing on its proprietary fermentation platform and expanding its global presence by launching products in Europe, Asia, and the Middle East. The company had plans to go public in 2026.
 
</div>

Safire Technology Group is a developer of Li-ion electrolyte additive technology designed for battery safety mechanisms. Their technology stops explosions or fires through an instantaneous liquid-to-solid transformation upon mechanical impact and imparts ballistic protection.

TechMagic strives to ease and create a richer lifestyle by introducing AI and robotics into daily life. Its first project aims to solve this issue in the food industry, by implementing a cooking robot into kitchens of restaurants. TechMagic’s automatic cooking solution allows businesses to reduce labor costs.

Ascend Gene & Cell Therapies supports manufacturing and process development projects from design through to clinical and commercial scales. They partner with biotechnology teams to embed scalable manufacturing in their operations from the beginning. They respond to customer inquiries by phone and contact form.

SARAH has been working on the planning and operation of the gourmet community app ''SARAH'', which operates a menu gourmet site ''SARAH'' that allows you to search for items you want to eat from menu-based posts.

Tsubame intends to commercialize on-site ammonia production using an electride catalyst in a small-scale plant. It utilizes a unique technology to solve survival issues related to environmental and food problems and to realize a sustainable society.

On the way to Sakano deliver vegetables grown without the use of pesticides and chemical fertilizers, aiming to spread agriculture with low environmental impact. We want to make agriculture sustainable and reach a sustainable society.

DAIZ produces and sells plant-based meat, 'Miracle Meat' which uses germinated soybeans by the proprietary 'Ochiai Germination Method.' Also, DAIZ engages in research and development of raw materials, and drug discovery from germinated soybeans.

MycoTechnology utilizes fungi-based food-processing platforms to transform the flavor and value of agricultural products. The platform can be used to solve a variety of challenges faced by the food, beverage, and flavor industries. MycoTechnology has released ClearTaste, an all-natural, GMO-free, organic bitter blocker that is Kosher and Halal certified. ClearTaste improves the flavor of various agricultural products. MycoTechnology also engages in fermenting agricultural products with strains of gourmet fungi. The company offers myceliated chocolate as well as robusta and arabica coffee beans. It develops and licenses technology to the industry to naturally improve the flavor of robusta and arabica coffee.  The company was incorporated in 2013 and is based in Aurora, Colorado.

Hinoman helps meet the soaring global demand for healthy, secure and sustainable food, with an innovative all-natural highly nutritional-source plant cultivated with breakthrough technology. Hinoman is ushering in the future of nutrition—with mankai, the all-natural protein- and vitamin-packed proprietary plant, grown with sophisticated precision agriculture. Hinoman is passionate about propagating this safe food source. The company’s perpetual growth technology promotes scalability for GloCal consumption while minimizing the environmental footprint.

Promasidor manufactures and supplies seasonings and processed foods in 36 countries throughout Africa. It produces and sells powdered beverages, flavor seasonings, powdered milk, cereals, and other food products.  Promasidor mainly operates in Nigeria, the Democratic Republic of the Congo, Ghana, Algeria, and Angola.  Promasidor was founded in 1979 by Robert Rose.

iPS PORTAL focuses on contract testing of iPS cells and worked to promote the widespread use of iPS cell technology.

Ajinomoto Co. is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals, and specialty chemicals. For many decades, Ajinomoto Co. has contributed to food culture and human health through the wide-ranging application of amino acid technologies. Today, the company is becoming increasingly involved with solutions for improved food resources, human health, and global sustainability. Ajinomoto also manufactures processed goods such as dry soup mixes, frozen foods, and beverages. In addition to its consumer business, it is a major supplier of MSG and nucleotides to multinational food producers such as Nestle.

<div> Ajinomoto Co., Inc. (TYO: 2802) is a multinational food and biotechnology corporation headquartered in Tokyo, Japan. Founded in 1909, Ajinomoto is best known for pioneering and commercializing monosodium glutamate (MSG) under the brand name AJI-NO-MOTO. The company reported annual revenue of JPY 1.4392 trillion (approximately USD 9.6 billion) for the fiscal year 2023. Ajinomoto operates through three main business segments: Seasoning and Foods, Frozen Foods, and healthcare. Its product portfolio includes a wide range of seasonings, processed foods, frozen foods, amino acid-based products, and pharmaceuticals. The company's flagship product, AJI-NO-MOTO, is an umami seasoning sold in over 130 countries worldwide. Other key consumer brands include Seri-Aji, TUMIX, and AJI-SHIO. For industrial and food service customers, Ajinomoto offers products under brands such as AJIMATE, AJI-AROMA, and ACTIVA. In recent developments, Ajinomoto has been focusing on expanding its global presence and enhancing its product offerings. In April 2022, the company opened a new manufacturing facility in Malaysia's Enstek Industrial Park with an investment of MYR 355 million (approximately USD 76 million). This plant, which received halal certification, aims to strengthen Ajinomoto's production capabilities in the region. Additionally, the company has been actively developing new products to meet evolving consumer needs, such as the introduction of Seri-Aji Curry Fried Rice and Chicken Soup Seasoning Powder in 2023. Ajinomoto is also committed to sustainability, aiming to help extend the healthy life expectancy of 1 billion people and reduce its environmental impact by 50% by 2030. </div>

Japan's Ajinomoto and Danone team up to cut dairy cow emissions

Novel therapies to reboot cells and organs

Cell & Gene Therapy

Companies producing cells, genes, tissues, and biomaterials such as exosomes and extracellular matrix for drug developers and pharmaceutical companies developing regenerative medicine

Chimeric antigen receptor T-cell (CAR-T) therapy involves genetically engineering T cells to target and kill cancer cells

Companies conducting R&D on therapies that modify or introduce new genes into the body to treat diseases

Includes therapies that use cells (other than CAR-T and stem cells) such as Adipose-Derived Regenerative Cells (ADRCs), cardiosphere-derived cells, and gamma delta T cells (GDT cells)

Stem cell therapy involves using stem cells usually extracted from the bone marrow and umbilical cord blood to repair a variety of diseases

Companies providing technology related to fortification, cell culture, and fermentation and those supplying equipment including bioreactors and fermenters for the production of novel foods

Companies offering salt substitutes to reduce sodium content in foods and beverages

Companies developing natural sweeteners and solutions to reduce sugar content in foods and beverages

Companies creating natural flavor, texture, and coloring ingredients from plant-based sources like seaweed and algae

Companies producing chocolate without cocoa using ingredients like oats, seeds, and cell-cultured cocoa

Companies making coffee substitutes from ingredients like barley, date seeds, and sunflower seeds

Companies offering plant-based alternatives to honey and nut spreads, addressing dietary restrictions and allergies

Companies producing cooking oils and fats through fermentation, cell-cultured and plant-based extraction processes

Companies developing protein ingredients via cell-culture or fermentation for dietary supplements and food production, excluding plant-based or cell-cultured meat

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 AMSilk, a producer of spider silk biopolymers and a subsidiary of Switzerland's <a href="https://sp-edge.com/companies/43886"> Givaudan </a>, has entered a partnership with Ajinomoto Foods Europe. The collaboration aims to manufacture bio-based silk proteins at Ajinomoto's facility in Nesle, France.
 By leveraging Ajinomoto's expertise in precision fermentation and its strategic location near AMSilk's primary customers, the partnership intends to provide high-quality, sustainable silk proteins created using local raw materials and renewable energy. The target market for these proteins are the premium textile and consumer goods industries.
</div> Analyst QuickTake: 
 The partnership with Ajinomoto complements an earlier <a href="https: 
//sp-edge.com/updates/25622"> January 2024 </a> partnership with&nbsp;21st.BIO to develop new protein-producing strains via precision fermentation, aiming to&nbsp;expand its portfolio to include different types of fibers and proteins.

Ajinomoto

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