Memphis Meats, for some time now, have been utilizing animal cells to grow lab meat. Doing so bypasses the many complications that come with actually obtaining meat from an actual animal. Their lab grown meat is clean, and cuts down on the killing of animals for food.
The company has recently received funding of $17 million from numerous investors. The investors include Jack Welch, Bill Gates, and Richard Branson.
Memphis Meats plans to use the money for further development of their products. Also, to better the scaling of the meat. Back in March, the company said that they could create 1 pound of chicken meat for less than $9,000. The number is close to half of cost to make the company’s meatballs last year.
Though that number is still high, it is still less than what it cost to make the first clean burger. Back in 2013, it cost $300,000 to create the very first clean burgers. To end goal is to make meat the is as affordable, if not cheaper than traditional store bought meat.
Other companies have jumped on the lab meat train.
Companies such as Mosa Meat and Hampton Creek, have both been creating lab grown meat as well. Be that as it may, Companies like Impossible Food and Beyond Meat have been making great strides in meat that is plant-based.
Since 2016, there have been concerns about Memphis Meats using the bovine serum when they produce their meat. The company sent out a report that by the end of 2017 they will be using a plant-based alternative to the meat. When it comes to resolving the issue of the serums, the company feels that it will be able to solve the issues at hand.
According to the CEO of Memphis Meats, Uma Valeti, the company feels that they are taking big leaps when it comes to the meat industry.