Miruku Secures $5 Million in Funding as Plant-Based Dairy Tech Reaches Key Milestones
Source: The DairyNews
New Zealand-based food tech company, Miruku, has successfully raised $5 million in a pre-Series A funding round as it advances its molecular farming technology. Miruku, which is ahead of emerging competitors by three to four years, focuses on programming plant cells to act as mini factories for producing proteins, fats, and sugars traditionally derived from animals.
CEO Amos Palfreyman highlighted Miruku's commitment to addressing challenges in traditional dairy production, emphasizing a broader focus on food security and nutrition. The company's proprietary dairy seed system, developed since its seed funding round of $2.4 million in 2022, has achieved key proof-of-concept milestones. Miruku's approach involves modifying both proteins and fats within the same plant, with a particular emphasis on using safflower for its climate resilience.
The latest funding round, led by Motion Capital and featuring participation from seed round investor Movac and new investor NZVC, will facilitate Miruku's expansion of crop development efforts. The company has formed a partnership with CSIRO, the Australian government agency for scientific research, to conduct field trials of modified safflower varieties in Australia.
CEO Palfreyman expressed the company's commitment to advancing technology and progressing toward market readiness. Miruku plans to expand its footprint in Australia and explore establishing a presence in the United States with the newly acquired capital.
The latest funding round, led by Motion Capital and featuring participation from seed round investor Movac and new investor NZVC, will facilitate Miruku's expansion of crop development efforts. The company has formed a partnership with CSIRO, the Australian government agency for scientific research, to conduct field trials of modified safflower varieties in Australia.
CEO Palfreyman expressed the company's commitment to advancing technology and progressing toward market readiness. Miruku plans to expand its footprint in Australia and explore establishing a presence in the United States with the newly acquired capital.
