Intake, a South Korea-based precision fermentation food technology company, has successfully closed a Series C funding round, securing $9.2m from a consortium of seven institutional investors, led by CJ Investment.
This latest financing brings the company’s total funding to $20 million, underscoring its rapid growth and potential in the burgeoning alternative protein sector.
Founded in 2013, Intake has carved a niche in the food tech landscape by developing innovative yeast-based solutions aimed at addressing the global demand for sustainable protein sources.
The company's revenue surged to $15.2 million in 2024, reflecting a robust 30% year-over-year growth, driven by increasing consumer interest in health-conscious eating and sustainable food technologies.
The funding will primarily be allocated to research and development initiatives, as well as expanding global infrastructure to enhance the commercialisation of microbial-based alternative proteins.
Intake's cutting-edge approach harnesses precision fermentation technology to cultivate a super-protein yeast strain that boasts 1.5 times the protein content of conventional yeast. This innovation positions Intake to tap into the estimated $35 trillion global protein market, with plans to penetrate the North American market by 2026.
Key advancements include the development of Hemeprotein, a vital flavour component traditionally derived from meat and egg albumin, both produced through precision fermentation. The company is leveraging CRISPR-based gene editing to enhance its production capabilities, aligning with industry trends that emphasise sustainability and efficiency in food manufacturing.
A senior investment officer at CJ Investment noted: “As consumer interest in healthy eating habits continues to rise, industry attention toward advanced alternative food technologies is surging. Intake has successfully developed patented alternative food ingredients and commercialised them, positioning itself as a potential leader in the alternative food sector.”
Intake's strategic focus on B2C alternative food products and B2B alternative protein solutions reflects a comprehensive approach to meet diverse market needs.
The company has also been recognised as the primary institution for a government-funded national research project focused on alternative seafood technologies, further solidifying its role as a key player in the food tech arena.
As the global food industry grapples with the challenges of sustainability and food security, Intake’s innovations in precision fermentation present a promising avenue for developing climate-independent protein sources.
The company’s commitment to advancing microbial-based alternative food technologies aims to provide consumers with viable alternatives to conventional food products, addressing both health and environmental concerns.
CEO Nokyeob Han said: “This Series C funding is proof that our alternative food technologies and products have earned consumer and market trust. Our goal is to finalise the development of core microbial-based alternative food technologies, positioning them as a viable alternative to the conventional food industry.”
