INTAKE, a South Korean food tech company, has raised KRW 13.5 billion, approximately US$9.2 million, in Series C funding. The funding round was led by several investors, including CJ Investment and HB Investment. Other participants included Woori Venture Partners, KDB Industrial Bank Capital, J Curve Investment, and Wonik Investment Partners.
The company plans to use the funding to expand its research and development efforts. INTAKE aims to enhance global infrastructure for its microbial-based alternative protein business. The company utilizes yeast-based precision fermentation to produce protein powders that serve as foundations for alternatives to meat, dairy, and eggs.
INTAKE cultivates naturally occurring yeast from domestically grown grapes, enhancing it through adaptive evolution. This process has led to the creation of a super-protein yeast strain containing 1.5 times more protein than conventional yeast. The protein is currently in the early stage of commercialization.
INTAKE aims to position this protein as a potential replacement for whey protein, a widespread protein source. The company is targeting the KRW 35 trillion global protein market and plans to enter the North American market by 2026.
Additionally, INTAKE is researching the production of heme protein using CRISPR-based gene editing. Heme protein is a primary flavor component of meat. The company is also developing egg white albumin through precision fermentation.
Founded in 2013, INTAKE specializes in both B2C alternative food products and B2B alternative protein solutions. The company, led by food science entrepreneurs from Seoul National University, has commercialized several patented food ingredients.
“This Series C funding reflects the trust that consumers and the market have in our alternative food technologies,” said CEO Nokyeob Han. He added that the goal is to finalize core microbial-based alternative food technologies to compete with the conventional food industry.
