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Upside Foods

From Wikipedia, in a visual modern way
Upside Foods
FormerlyMemphis Meats
TypePrivately held company
IndustryFood technology
Founded2015
FoundersUma Valeti
Nicholas Genovese
Will Clem
Headquarters
Berkeley, California
Websiteupsidefoods.com

Upside Foods (formerly known as Memphis Meats) is a food technology company headquartered in Berkeley, California, aiming to grow sustainable cultured meat.[1] The company was founded in 2015 by Uma Valeti (CEO), Nicholas Genovese (CSO), and Will Clem.[2][3] Valeti was a cardiologist and a professor at the University of Minnesota.[1]

The company plans to produce various meat products using biotechnology to induce stem cells to differentiate into muscle tissue, and to manufacture the meat products in bioreactors.[1]

Discover more about Upside Foods related topics

Food technology

Food technology

Food technology is a branch of food science that deals with the production, preservation, quality control and research and development of food products.

Berkeley, California

Berkeley, California

Berkeley is a city on the eastern shore of San Francisco Bay in northern Alameda County, California, United States. It is named after the 18th-century Anglo-Irish bishop and philosopher George Berkeley. It borders the cities of Oakland and Emeryville to the south and the city of Albany and the unincorporated community of Kensington to the north. Its eastern border with Contra Costa County generally follows the ridge of the Berkeley Hills. The 2020 census recorded a population of 124,321.

Sustainability

Sustainability

Sustainability is a societal goal that relates to the ability of people to safely co-exist on Earth over a long time. Specific definitions of this term are difficult to agree on and have varied with literature, context, and time. Sustainability is commonly described as having three dimensions : environmental, economic, and social. Many publications state that the environmental dimension is the most important. For this reason, in everyday use, sustainability is often focused on countering major environmental problems, such as climate change, loss of biodiversity, loss of ecosystem services, land degradation, and air and water pollution. The concept of sustainability can be used to guide decisions at the global, national, and individual levels.

Cultured meat

Cultured meat

Cultured meat is meat produced by culturing animal cells in vitro. It is a form of cellular agriculture.

University of Minnesota

University of Minnesota

The University of Minnesota, formally the University of Minnesota, Twin Cities, is a public land-grant research university in the Twin Cities of Minneapolis and Saint Paul, Minnesota, United States. The Twin Cities campus comprises locations in Minneapolis and Falcon Heights, a suburb of St. Paul, approximately 3 miles (4.8 km) apart. The Twin Cities campus is the oldest and largest in the University of Minnesota system and has the ninth-largest main campus student body in the United States, with 52,376 students at the start of the 2021–22 academic year. It is the flagship institution of the University of Minnesota System, and is organized into 19 colleges, schools, and other major academic units.

Biotechnology

Biotechnology

Biotechnology is the integration of natural sciences and engineering sciences in order to achieve the application of organisms, cells, parts thereof and molecular analogues for products and services. The term biotechnology was first used by Károly Ereky in 1919, meaning the production of products from raw materials with the aid of living organisms.

Muscle tissue

Muscle tissue

Muscle tissue is soft tissue that makes up the different types of muscles in most animals, and give the ability of muscles to contract. Muscle tissue is formed during embryonic development, in a process known as myogenesis. Muscle tissue contains special contractile proteins called actin and myosin which contract and relax to cause movement. Among many other muscle proteins present are two regulatory proteins, troponin and tropomyosin.

History

In February 2016, Memphis Meats published a video of a cultured meatball and in March 2017, they published a video of cultured chicken and duck dishes.[4][5][6][7] In February 2017, the company indicated its goal was to produce at 60 euros per kilogram and enter the market by 2020.[8]

In August 2017, Memphis Meats announced that it had raised a $17 million Series A funding round. The round was led by DFJ and also included investment from Bill Gates, Richard Branson, Suzy and Jack Welch, Cargill, Kimbal Musk, and Atomico.[9]

Initially, the production cost of the cultured beef was $18,000 per pound ($40,000/kg), and the production cost of the cultured poultry was $9,000 per pound ($20,000/kg).[5][10][11] As of June 2017, the company had reduced the cost of production to below $2,400 per pound ($5,280/kg).[12] The company said it anticipated cost reductions and commercial release of its products by 2021.[5][7][6]

In January 2020, Memphis Meats raised a $161 million Series B. The round was led by Softbank Group, Norwest, and Temasek. Also joining the round are new and existing investors including Richard Branson, Bill Gates, Threshold Ventures, Cargill, Tyson Foods, Finistere, Future Ventures, Kimbal Musk, Fifty Years, and CPT Capital. Memphis Meats expects to use the funds to build a pilot production facility and to hit a major milestone of launching products into the market within the coming years.[13]

In May 2021, the company announced that it was changing its name to Upside Foods.[14] In September 2021, co-founder and chief science officer Genovese, as well as process development vice president KC Carswell, left the company.[15][16]

On November 4, 2021, Upside Foods opened its first large-scale production plant, called the "Engineering, Production, and Innovation Center" (EPIC), in Emeryville, California. It covers 16,154 square meters (53,000 square feet), with renewably-powered vats and tubes, in order to produce 22,680 kilograms (50,000 pounds) of cultured meat annually, to be sold commercially.[17][18]

FDA approval

On November 17, 2022, the FDA completed a pre-market consultation process for the company to sell its cultivated chicken to the public.[19] This makes Upside Foods the first company to complete this pre-market consultation.[20] The FDA made it clear in its announcement, however, that this was not considered an approval process.[21]

Discover more about History related topics

Draper Fisher Jurvetson

Draper Fisher Jurvetson

Draper Fisher Jurvetson (DFJ) is an American venture capital firm focused on investments in enterprise, consumer and disruptive technologies. In January 2019, DFJ Venture, the early-stage team, spun out and formed Threshold Ventures. DFJ Growth continues to be managed by co-founder John Fisher and the existing DFJ Growth partner team.

Bill Gates

Bill Gates

William Henry Gates III is an American business magnate, investor, philanthropist, and writer. He is a co-founder of Microsoft, along with his late childhood friend Paul Allen. During his career at Microsoft, Gates held the positions of chairman, chief executive officer (CEO), president and chief software architect, while also being the largest individual shareholder until May 2014. He was a major entrepreneur of the microcomputer revolution of the 1970s and 1980s.

Richard Branson

Richard Branson

Sir Richard Charles Nicholas Branson is a British entrepreneur and business magnate. In the 1970s he founded the Virgin Group, which today controls more than 400 companies in various fields.

Suzy Welch

Suzy Welch

Suzy Welch is an American author, television commentator, business journalist, and public speaker. Her 2009 book, 10-10-10: A Life Transforming Idea, was a New York Times bestseller. She is also the co-author, with her late husband Jack Welch, of two international New York Times and Wall Street Journal best-selling business books, Winning, published in 2005, and The Real Life MBA, published in 2015.

Jack Welch

Jack Welch

John Francis Welch Jr. was an American business executive, chemical engineer, and writer. He was Chairman and CEO of General Electric (GE) between 1981 and 2001.

Cargill

Cargill

Cargill, Incorporated, is a privately held American global food corporation based in Minnetonka, Minnesota, and incorporated in Wilmington, Delaware. Founded in 1865, it is the largest privately held corporation in the United States in terms of revenue. If it were a public company, it would rank, as of 2015, number 15 on the Fortune 500, behind McKesson and ahead of AT&T. Cargill has frequently been the subject of criticism related to the environment, human rights, finance, and other ethical considerations.

Kimbal Musk

Kimbal Musk

Kimbal Reeve Musk is a South African restaurateur, chef, and entrepreneur. He owns The Kitchen Restaurant Group, a collection of "community" restaurants located in Colorado, Chicago, and Indianapolis. He is the co-founder and chairman of Big Green, a 501(c)(3) nonprofit that has built hundreds of outdoor classrooms called "Learning Gardens" in schoolyards across America. Musk is also the co-founder and chairman of Square Roots, an urban farming company in Brooklyn, New York City, growing food in hydroponic, indoor, climate controlled shipping containers. Musk currently sits on the boards of Tesla Inc. and SpaceX, both of which his brother Elon is the current CEO. He was on the board of Chipotle Mexican Grill from 2013 to 2019. He is the brother of Elon Musk and Tosca Musk, son of Errol and Maye Musk, and a major shareholder in Tesla.

Atomico

Atomico

Atomico is a European Venture Capital firm headquartered in London, with offices in Paris, and Stockholm. Its founder and CEO is Niklas Zennström, a serial entrepreneur who co-founded Skype and Kazaa.

SoftBank Group

SoftBank Group

SoftBank Group Corp. is a Japanese multinational conglomerate holding company headquartered in Minato, Tokyo which focuses on investment management. The Group primarily invests in companies operating in technology that offer goods and services to customers in a multitude of markets and industries ranging from the internet to automation. With over $100 billion in capital at its onset, SoftBank’s Vision Fund is the world's largest technology-focused venture capital fund. Fund investors included sovereign wealth funds from countries in the Middle East.

Norwest Venture Partners

Norwest Venture Partners

Norwest Venture Partners (Norwest) is an American venture and growth equity investment firm. The firm targets early to late-stage venture and growth equity investments across several sectors, including cloud computing and information technology, Internet, SaaS, business and financial services, and healthcare. Headquartered in Palo Alto, California, Norwest has offices in San Francisco and subsidiaries in Mumbai, India and Herzelia, Israel. The firm has funded more than 650 companies since inception.

Emeryville, California

Emeryville, California

Emeryville is a city located in northwest Alameda County, California, in the United States. It lies in a corridor between the cities of Berkeley and Oakland, with a border on the shore of San Francisco Bay. The resident population was 12,905 as of 2020. Its proximity to San Francisco, the Bay Bridge, the University of California, Berkeley, and Silicon Valley has been a catalyst for recent economic growth.

Food and Drug Administration

Food and Drug Administration

The United States Food and Drug Administration is a federal agency of the Department of Health and Human Services. The FDA is responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, caffeine products, dietary supplements, prescription and over-the-counter pharmaceutical drugs (medications), vaccines, biopharmaceuticals, blood transfusions, medical devices, electromagnetic radiation emitting devices (ERED), cosmetics, animal foods & feed and veterinary products.

Source: "Upside Foods", Wikipedia, Wikimedia Foundation, (2022, November 28th), https://en.wikipedia.org/wiki/Upside_Foods.

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Further Reading

Cultured meat

Cargill

Tyson Foods

Paul Shapiro (author)

The Good Food Institute

SuperMeat

Cellular agriculture

Mosa Meat

Cellular Agriculture Society

Finless Foods

BioTech Foods

Future Meat Technologies

Wildtype (company)

MeaTech
References
  1. ^ a b c Bunge, Jacob (February 2, 2016). "Sizzling Steaks May Soon Be Lab-Grown". The Wall Street Journal.
  2. ^ "Upside Foods develops animal-free growth medium for cell-based meat". Food Dive. Retrieved January 10, 2022.
  3. ^ "Why did Upside Foods fire its co-founder just weeks after his team's scientific triumph?". The Counter. December 13, 2021. Retrieved January 10, 2022.
  4. ^ Gelman, Susan (February 29, 2016). "Meat Without Misery". The Common Reader. Online.
  5. ^ a b c Bunge, Jacob (March 15, 2017). "Startup Serves Up Chicken Produced From Cells in Lab". The Wall Street Journal.
  6. ^ a b Farber, Madeline (March 15, 2017). "A San Francisco Startup Is Serving Chicken That Was Made in a Lab". Fortune.
  7. ^ a b Kooser, Amanda (March 16, 2017). "This lab-grown chicken and duck meat looks surprisingly delicious". CNET.
  8. ^ Leonie Hosselet (February 6, 2017). "Van het lab naar een bord is een lange weg voor kweekvlees". Trouw (in Dutch). Retrieved May 26, 2020.
  9. ^ Sawers, Paul (August 23, 2017). "Lab-grown food startup Memphis Meats raises $17 million from DFJ, Cargill, Bill Gates, others". VentureBeat.
  10. ^ "'World's first' lab-grown meatball revealed". Fox News. February 3, 2016.
  11. ^ Addady, Michal (February 2, 2016). "You Could Be Eating Lab-Grown Meat in Just Five Years". Fortune.
  12. ^ Bunge, Jacob (August 23, 2017). "Cargill Invests in Startup That Grows 'Clean Meat' From Cells". Wall Street Journal. ISSN 0099-9660. Retrieved November 2, 2017.
  13. ^ Rowland, Michael Pellman (January 22, 2020). "Memphis Meats Raises $161 Million In Funding, Aims To Bring Cell-Based Products To Consumers". Forbes.
  14. ^ "Memphis Meats Changes Name, Plans to Roll Out Lab-Grown Chicken This Year". foodprocessing.com. May 12, 2021. Retrieved May 15, 2021.
  15. ^ Reynolds, Matt. "Upside Foods Sues an Ex-Employee Over Secret Lab-Grown Meat Tech". Wired. ISSN 1059-1028. Retrieved January 10, 2022.
  16. ^ Alex Bitter (October 28, 2021). "A Memphis Meats cofounder has left the lab-grown meat company, now called Upside Foods, as skepticism about the entire industry grows". Business Insider. Retrieved December 5, 2021.
  17. ^ Katie Spalding (November 8, 2021). "World's Most Advanced Lab-Grown Meat Facility Opens in California". IFLScience. LabX Media Group. Retrieved December 5, 2021.
  18. ^ Brian Kateman (November 30, 2021). "11 Plant-Based and Alternative Protein Trends to Watch for in 2022". Forbes. Retrieved December 5, 2021.
  19. ^ "Meat the Future: FDA Greenlights First Lab-Grown Meat Company". Time. Retrieved November 18, 2022.
  20. ^ Hall, Christine (November 16, 2022). "Upside's cell-cultured chicken is first to receive FDA blessing for its production method". TechCrunch. Retrieved November 18, 2022.
  21. ^ "FDA Spurs Innovation for Human Food from Animal Cell Culture Technology". FDA. Retrieved November 21, 2022.
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