UMAMI Bioworks & Shiok Meats Merge to Commercialize Cultivated Seafood – vegconomist
Two cultivated seafood pioneers from Singapore — UMAMI Bioworks and Shiok Meats — have merged to establish a combined entity that will bring cultivated seafood closer to commercial viability.
The strategic merge, believed to be the first in the cultivated seafood space, will leverage UMAMI Bioworks’ advanced production technologies with Shiok Meats’ research in crustacean cell cultivation.
“We are creating a strong platform to make the vision of cultivated seafood a reality”
By combining their expertise, the companies expect to enhance go-to-market efficiencies, expand commercial opportunities, and accelerate regulatory approvals to introduce cultivated seafood products in the region while providing a production alternative to industrial fishing and aquaculture.
Mihir Pershad, the CEO of UMAMI Bioworks, will lead the new company as CEO. He will be supported by global seafood investment leaders Hatch Blue and Aqua-Spark, who will join the company’s Board of Directors. More information on other details of the merge, including the new entity’s name, will be provided after the transaction is completed.
A report published by UK corporate finance house Oghma Partners projected a consolidation period for cultivated meat companies. During this period, stronger companies would acquire or merge with competitors, while others would exit the market due to a lack of investments and other headwinds hitting the industry.
“Not-caught seafood”
Since its launch in 2020, UMAMI Bioworks has been working to develop an automated cell-cultivation platform to grow endangered and overfished species, such as the Japanese eel, that cannot be farmed at scale. The company has achieved significant milestones, including establishing cell lines, creating serum-free media, and building a manufacturing system that uses machine learning and automation to scale its operations.
Last year, the cell-based seafood firm opened a Tokyo office to produce cultivated seafood in partnership with previous investor Maruha Nichiro, Japan’s largest seafood company. In 2022, the company secured a $2.4 million round co-led by Better Bite Venture and CULT Food Science, among others.
Moreover, along with the Israeli biotech Steakholder Foods, it secured a $1 million grant from the Singapore Israel Industrial R&D Foundation to develop 3D-printed eel and grouper products. Additionally, it has announced plans to build a cultivated meat facility in Malaysia in partnership with Cell AgriTech, the country’s first cultivated meat company.
Pershad comments: “The technological and business synergies of this merger represent a vital strategic step towards addressing the critical challenges of cultivated seafood production and advancing our mission to supply sustainable, not-caught seafood without compromising the planet’s health.”
Cultivating crustaceans
Founded by a female team, Dr. Sandhya Sriram and Dr. Ka Yi Lingm, Shiok Meats claims to be the first cell ag company in the world to conduct R&D on crustaceans such as shrimp, crab, and lobster.
The company, which owns the cultivated meat startup Gaia Foods, has raised $30 million from Aqua-Spark, SEEDS capital, Toyo Seikan, Real Tech Holdings, Big Idea Ventures, Y Combinator, Entrepreneur First, AiiM Partners, Henry Soesanto of Monde Nissin, food manufacturer CJ CheilJedang, Vietnamese seafood exporter Vinh Hoan, and many others.
Dr. Sriram shares: “By bringing together these two iconic companies, we are creating a strong platform to make the vision of cultivated seafood a reality. I have always believed in consolidation to progress a novel industry like ours.”
