February 20, 2024

 

FreezeM secures US$14.2 million to propel growth of black soldier fly food solution

 

Israeli company FreezeM, specialising in breeding black soldier flies, has concluded a US$14.2 million Series A funding round to expedite the deployment of its flagship black soldier fly product, PauseM, The Jerusalem Post reported.

 

PauseM offers ready-to-use young larvae of the black soldier fly, "paused" in their growth cycle for 14 days but reawakened when needed. Factories can utilise PauseM to skip the fly breeding stage, simplifying operations. This approach segregates breeding from growth and processing, leading to streamlined production, cost savings, and enhanced efficiency.

 

This development is poised to lower the barrier to entry for new entrants in the insect protein market and facilitate the expansion of existing companies.

 

The black soldier fly protein market is projected to reach US$3.96 billion by 2033, addressing global food scarcity and organic waste build-up, according to the company.

 

FreezeM's technology has the potential to bolster global insect protein production capacity, serving as sustainable animal feed. Black soldier fly protein offers advantages like circular economy usage, reducing greenhouse gas emissions, mitigating soil and water pollution, promoting efficient land use, and decreasing reliance on ocean resources.

 

The company estimates that approximately 2,500 units of PauseM, containing about 2.5 kg of young larvae, can convert 80-100 tonnes of organic waste into about five tonnes of high-quality protein and about two tonnes of oil for animal and pet feeding within 14 days, additionally yielding about 20 tonnes of organic compost for agriculture.

 

The lack of suitable shelf products for breeding has impeded the development of the insect production market. Unlike hatchery and automation solutions assisting in the larvae growth stages and protein extraction, FreezeM's innovation addresses this gap.

 

FreezeM, led by CEO Dr Yuval Gilead, has garnered prestigious grants from the European Innovation Council and the Israeli Innovation Authority.

 

The latest funding round was spearheaded by private investors and the European Innovation Council Fund.

 

-      The Jerusalem Post