Avant raises funds for commercialisation of cultivated fish products

Hong Kong-based cultivated meat start-up Avant Meats has raised $3.1m through a seed funding round to accelerate the commercialisation of its cell-based seafood products.

The seed funding round saw participation from investors, including China Venture Capital, AngelHub, ParticleX, CPT Capital, Loyal VC and more.

Avant Meats claimed that it is the first cultivated meat biotechnology in China, as well as the only cultivated fish company in Asia.

The company uses its patent-pending proprietary technology for the production of animal-free proteins directly from fish cells through a contained bioprocess. The proteins are used for food and skincare.

Tilapia manufacturer Regal Springs chairman Markus Haefeli was also among the investors.

Avant stated that it will use the funds for the purpose of research and development.

The firm is also working towards reducing the cost of production before bringing its products to market next year.

Avant co-founder and CEO Carrie Chan said: “We will accelerate our work with the sustainable seafood and functional protein industries to accelerate the adoption of our products into existing global supply chains.

“Avant is pleased to be partnering with strategic investors who can support us with manufacturing know-how, customer relationships, and ongoing support.”

Regal Springs chairman Markus Haefeli said: “Avant’s capabilities to cultivate animal proteins from a fully traceable system will offer additional assurance to food and skincare brands demanding the highest level of functionality, safety and accountability.”

China Venture Capital CEO Wang Yijun said: “In accordance with China’s 14th Five-Year Plan, we will continue to invest in companies with agricultural technology that secure supply chains and boost self-sufficiency in food production.”

AngelHub co-founder and CEO Karen Contet said: “AngelHub is proud to invest in Avant’s round. Avant’s food demos manifested how deep tech can enable sustainability initiatives. We see a growing appetite for consuming and investing in cultivated meat among our investors.”

Over nine rounds, Avant has raised $1.6bn in funding, reported Techinasia.com.