Evogene, a leading computational biology company, and The Kitchen FoodTech Hub, Israel's prominent incubator and investor, have jointly unveiled Finally Foods. This new venture is positioned at the cutting edge of the food industry's evolution, deploying an AI-powered molecular farming technique designed to produce sustainable, plant-based alternatives to animal proteins. Highlighting its commitment to innovation and sustainability, Finally Foods has secured pre-seed funding, underscoring its strong belief in transforming the food sector.
Revolutionizing Protein Production
To advance the production of its plant-based casein, Finally Foods has chosen potatoes as its primary plant source. This decision was driven by the crop's significant advantages, including its robust yield and the efficacy of protein extraction processes. According to Dafna Gabbay, CEO of Finally Foods, potatoes provide an optimal environment for the production of complex proteins like casein, due to their efficiency as "bioreactors." The company's focus on potatoes aligns with its mission to develop sustainable and efficient alternatives to animal-based proteins.
The Kitchen FoodTech Hub played a pivotal role in recognizing the gap in the market for a functional animal-free casein protein. Finally Foods aims to replicate the structure of milk's casein proteins in potatoes. In dairy milk, these proteins naturally form a spherical structure known as a micelle, which is essential for dairy products' texture and nutritional properties. By mimicking this plant structure, Finally Foods intends to produce a highly functional and versatile alternative to animal-derived casein, capable of fulfilling the same roles in food products.
Furthermore, Finally Foods is harnessing Evogene's GeneRator AI technology to revolutionize the way these proteins are produced. This cutting-edge technology enables the modification of plants to act as efficient producers of valuable proteins. The use of AI significantly shortens the R&D process, facilitating a quicker transition from concept to market-ready products. This strategic integration of AI technology underscores Finally Foods' commitment to innovation and environmental sustainability, setting a new standard in the fast-evolving foodtech industry.
Capturing the Alternative Proteins Market
The alternative proteins sector has witnessed exponential growth, with the market valued at approximately USD 17.6 billion in 2022 and projected to soar to USD 55 billion by 2032, flourishing at an average CAGR of 12%. Situated within this burgeoning industry, Finally Foods is well-equipped to carve out a market share, underpinned by the transformative potential of molecular farming. This method offers an efficient, eco-friendly avenue for protein production, setting a new standard for the industry.
Strategic Partnership and Visionary Leadership
With the backing of TKH and the Israeli Innovation Authority (IIA), Finally Foods has secured crucial pre-seed funding, setting the stage for its ambitious journey. Evogene holds a substantial 40% stake in the venture, with the balance distributed between TKH and the formidable founding duo: CEO Dafna Gabbay, a seasoned entrepreneur, and CTO Dr. Basia J. Vinocur, renowned for her expertise in agricultural biotechnology.
Industry and Executive Insights
Ofer Haviv, President & CEO of Evogene, lauds the establishment of Finally Foods as a pivotal development for Evogene and a testament to the transformative power of their technology. This venture is expected to make significant strides in promoting healthier diets and revolutionizing the food industry globally.
Amir Zaidman, Chief Business Officer of The Kitchen Hub, highlighted the exceptional synergy between the founding team's expertise and Evogene's leading AI technology as a decisive factor in backing Finally Foods. This collaboration underscores a shared commitment to pioneering the future of food technology.
Dafna Gabbay, Co-Founder and CEO of Finally Foods, expressed optimism about the venture's prospects. She credits the combination of Evogene's advanced technology, TKH's industry leadership, and Dr. Vinocur's deep expertise with advancing global food security and sustainability and heralding a new era in the alternative proteins sector.
Towards a Sustainable Future
Finally Foods is not just a business endeavor; it represents a bold step towards a sustainable future, where food security and environmental responsibility go hand in hand. By pushing the boundaries of biotechnology and leveraging the power of artificial intelligence, Finally Foods is poised to make an indelible mark on the global food landscape, one protein at a time.