Syngenta Group Invests $1.25m in New Protein Technologies
MycoTechnology, Inc. and BlueNalu, Inc., Winners of the Radicle Protein Challenge by Syngenta, Secure Funding to Create Novel Protein Sources from Fermented Mushrooms and Fish Cells
SAN DIEGO, Calif. – November 3, 2020 – Radicle Growth, a company building platform for early-stage ag and food technologies, today announced that MycoTechnology, Inc. has won the Radicle Protein Challenge by Syngenta and secured a $1m investment and BlueNalu, Inc. was named the runner-up and has secured a $250k investment. Radicle and Syngenta Group, a leading agriculture company helping to improve global food security, constructed this Challenge to uncover innovation and invest in two technology companies that are transforming the future of protein. The Challenge saw interest from across the globe with over 150 impressive applicants.
A mushroom fermentation platform manufacturing protein and other ingredients, MycoTechnology, Inc. is a food technology company and was selected as the winner of the Radicle Protein Challenge by Syngenta for their novel, organic food processing platform that transforms agricultural material into functional ingredients that address the biggest problems in the food and beverage industry. An innovative food company making a variety of seafood products directly from fish cells, BlueNalu, Inc. was selected as the runner-up for its solution to secure a sustainable protein source that addresses supply chain issues through cell-based seafood products made directly from the cells of fish.
“All of us at MycoTechnology are thrilled to be the winner of the Radicle Protein Challenge by Syngenta,” said Alan Hahn, CEO of MycoTechnology. “Global food security is a major issue that will only be solved through innovation and partnerships. I believe that our unique mushroom fermentation platform, combined with Syngenta’s global scale and expertise, will allow us to play a pivotal role in helping to feed an exponentially growing population. We are honored to receive this recognition and look forward to partnering with both Radicle Growth and Syngenta.”
In addition to securing new funding, MycoTechnology, Inc. and BlueNalu, Inc. will benefit from access to Radicle and Syngenta’s broad agriculture expertise and global ag and food networks to accelerate the growth of their technologies around the world.
Speaking on the opportunity to uncover protein innovation from around the world and partner with innovators to ensure their success, Erik Fyrwald, CEO, Syngenta Group said, “The demand for protein is rising and as a result the need for new protein technologies is increasing in every geography, socioeconomic background and age group. This is not a fad, but rather a new way consumers are getting their protein. Partnering with Radicle in this unique way to uncover innovation in the protein space from around the world allows us to infuse the level of capital and expertise that will be required for these trailblazing entrepreneurs to overcome challenges to grow this category. We congratulate MycoTechnology, Inc. on winning this Challenge and we look forward to working alongside Radicle Growth and MycoTechnology, Inc. and BlueNalu, Inc. to help scale their technologies.”
“Global demand for seafood is at an all-time high, but unfortunately our supply cannot keep pace. We must find a new solution to feed our planet,” said Lou Cooperhouse, CEO and co-founder of BlueNalu. “BlueNalu is developing seafood products, directly from fish cells, that will be healthy and nutritious for people, sustainable for our planet, and will facilitate food security for nations around the world. The funding and support from Syngenta and Radicle Growth are greatly valued, as their expertise and global reach will clearly help us to achieve our mission. We are so thankful and honored to have this recognition.”
The finalists of the Radicle Protein Challenge by Syngenta pitched in a virtual event this morning that attendees from around the globe tuned in to listen to. We asked for audience feedback on the speed pitches from the four finalists. Based on the input from the audience, Cell Farm was voted as our “People’s Choice Award Winner,” in addition to our overall Challenge winners. Cell Farm will be engaged with Radicle Growth and Syngenta executives to further discuss its roadmap for success.
“It was my privilege to serve on the panel of judges who selected the final winner for Syngenta’s Radicle Protein Challenge,” said Ann M Veneman, former Executive Director of UNICEF (‘05-’10) and U.S. Secretary of Agriculture (‘01-’05). “The Challenge showcased promising new protein innovations from around the world, attracting over 150 high quality applicants from over 30 countries.”
To stay informed on Radicle Challenges, visit: https://radicle.vc/the-radicle-challenge/.
About Radicle Growth:
Radicle Growth selects innovative, early-stage companies for investment, ensuring that disruptive agtech & foodtech companies reach their full potential. In addition to providing seed-stage capital, Radicle Growth provides a fertile environment for visionaries in the ag and food space to flourish. Their proprietary platform is one of a kind in the ag and food industry, filling a huge void in the market by identifying the most innovative technologies and accelerating them with a range of value-creation initiatives. To connect and learn more about Radicle Growth follow us on LinkedIn, Twitter and Instagram.
About Syngenta Group
Syngenta Group is one of the world’s leading agriculture innovation companies, with roots going back more than 250 years. Its 49,000 people across more than 100 countries strive to transform agriculture through breakthrough products and technologies that play a vital role in enabling the food chain to feed the world safely, sustainably and with respect for our planet. Swiss-based and Chinese-owned, the group draws strength from its four business units – Syngenta Crop Protection headquartered in Switzerland, Syngenta Seeds headquartered in the United States, ADAMA® headquartered in Israel, and Syngenta Group China – that provide industry-leading ways to serve customers everywhere.