Biomass fermentation start-up MOA Foodtech secures US$15M EU investment for AI-powered tool
Spanish biomass fermentation start-up MOA Foodtech has secured a €14.8 million (US$15.4 million) investment commitment from the European Innovation Council (EIC) to scale its AI-driven fermentation platform.
MOA Foodtech valorizes food by-products and reintroduces them into the food chain as an alternative source of protein. It was one of 71 “cutting-edge companies” to receive funding under the EIC’s accelerator program.
“They [the 71 companies] have been selected among 1211 submitted proposals, of which 431 have been invited to the jury interviews. It has been the most competitive funding round so far since the launch of the Accelerator under Horizon Europe,” says the EIC.
“In most cases, the companies will receive the grant financing within the next three months, while the investment decisions depend on the urgency of the companies’ needs.”
MOA Foodtech wants to use the investment to scale its AI tool, Albatros, to an industrial level.
“This is a major milestone for us and our mission to build a more efficient and sustainable food industry,” says the company in a post on LinkedIn announcing the funding news.
Reducing research time
MOA Foodtech’s AI system aims to reduce research time by selecting microorganisms for by-products that are already recognized as safe by the European Food Safety Authority (EFSA). The company says this results in microbial biomass with high nutritional value and technological properties.
According to the Good Food Institute, biomass fermentation uses the high protein content and rapid growth of microorganisms to efficiently make large amounts of protein-rich food.
Microorganisms that reproduce through this process are themselves ingredients for alternative proteins. Quorn, for example, grows filamentous fungi via fermentation to use as the primary ingredient in its products.
MOA Foodtech’s investment includes a €2.3 million (US$2.4 million) grant from the EIC accelerator program and a commitment to €12.5 million (US$13 million) in equity funding from the EIC Fund under its blended finance scheme, which combines equity grants and equity investments.
The start-up is based in Navarra and was founded in 2020.
