Cellmeat, a company specializing in cell-based meat production, has successfully raised 17.4 billion KRW in Series A funding. The funding round was led by existing investors BNK Venture Investment, Ryukyung PSG Asset Management, and Strong Ventures, with the participation of new investors NH Venture Investment, Genting Ventures, and Daewoodang Healthcare.

A key factor in Cellmeat’s success is its development of an animal-free and serum-free cell culture medium, which holds significant importance in the cell-based meat industry. Additionally, the company possesses mass cell culture technology crucial for the economic feasibility of its products. Leveraging these advancements, Cellmeat is accelerating its efforts in preparing for “mass production of cell culture cells and product launch,” with plans to officially open its Seoul Center for mass production in mid-June.

Park Gil-jun, CEO of Cellmeat, expressed, “Through this Series A funding, Cellmeat will enhance its position as a leader in the cell-based meat market and continue to prioritize technology development. We are dedicated to providing consumers with safe and innovative food options.”

In related news, Cellmeat introduced a prototype of Dokdo shrimp in late 2021 and recently unveiled the first-ever cell-based caviar prototype in Korea.