Founded by three scientists, Memphis Meats wants to be the first company to sell meat grown from stem cells. They are already raising small amounts of such meat using cages from cows, pigs and chickens, and they expect their products to be ready to hit the market within five years. Their competitors are Mosa Meat and Modern Meadow Inc. are also set to bring their lab-grown meat to the market over the next few years.
Memphis Meats co-founder and CEO Uma Valeti says he is confident that this is the future of meat. He calls it "the second domestication" - the first was about 10-20 thousand years ago, and the second should have happened long ago. But instead of domesticating animals for meat, Memphis Meats domesticates cells to grow meat directly.
"Habitual meat production is inherently inefficient," Valeti says. It takes 23 calories of feed to produce one calorie of meat; Memphis Meats says they have reduced that ratio to 3 to 1, which is more cost effective and beneficial. The company also claims that its test-tube-grown meat uses 90% less water and land, and 50% less energy. The global population and demand for meat are growing rapidly, and the company believes that the modern meat industry will not be able to keep up with the growing demand.
Consumers want to know where their food comes from and what it contains, so food giants are moving towards more animal-friendly practices. Memphis Meats notes that once the cells are selected, animals are no longer part of the meat-making process. They also say their meat is healthier because the company can add as much fat as it sees fit and only uses the types of fat that are good for heart health.
The company has already found some support and about $ 2 million in initial investment, and will be showcasing investors on IndieBio on Thursday to seek new investments.