Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs.

The startup intends to focus on ingredient supply and partnerships with food manufacturers, adapting a B2B model. In May 2020, Perfect Day announced a collaboration with Smitten Ice Cream to produce and launch an animal-free and dairy-free ice cream, which was later called “N’Ice Cream.” Smitten Ice Cream launched four flavors priced at USD 12 for a 16 oz. container, on par with the other animal-free ice cream products. Further, the company entered into partnerships with Tomorrow Farms in May 2022 and Strive Nutrition in June 2022 to supply fermented animal-free whey protein for the production of  alternative milk.  In July 2022 , the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder.

In September 2021 the startup secured USD 350 million in a Series D funding round, led by the Singaporean sovereign fund Temasek and the Canada Pension Plan Investment Board. This funding round saw the company being valued at USD 1.5 billion. The funds are expected to be utilized to expand its focus in biological engineering, ingredient innovation, and consumer products. Further, the startup has announced its intentions to go public within a 12 month time frame.