New York firm raises $10m to perfect lab-grown leather for fashion designers
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A Brooklyn firm backed by PayPal billionaire Peter Thiel and Asia's richest man Mr. Li Ka-shing, has revealed plans to grow leather in the lab.
Modern Meadow, which today announced $10m in funding, hopes to 'reducing the global impact of livestock production'.
It has already shown off leather grown using its technique, and says it will also be able to eventually grow meat using the same system.
Modern Meadow has also lready shown off leather grown using its secret 3D printing technique, and says it will also be able to eventually grow meat using the same system.
HOW IT IS MADE
Modern Meadow has remained incredibly secretive abut its process.
The firm has 'invented a tissue engineering technique based on bioprinting, the 3D assembly of tissues driven by computer controlled processes,' according to its web site.
At the SXSW festival earlier this year it gave out samples of meat grown using the technique.
The firm has remained secretive about its methods, simply saying it develops cultured leather and meat products that require no animal slaughter and much lower inputs of land, water, energy and chemicals.
The firm has 'invented a tissue engineering technique based on bioprinting, the 3D assembly of tissues driven by computer controlled processes,' according to its web site.
'With the livestock industry being the largest user of land and water and the leading driver of climate change, now is the time to pursue better alternatives,' said CEO and founder Andras Forgacs.
'Our goal is to develop new cultured leather materials with advantages in design, performance, sustainability and animal welfare.
'In the longer term, we are also developing meat products that are healthier, safer and don't require harming animals or the environment.
'We are thrilled to have the support of such visionary and engaged investors.'
The firm's latest funding round was led by Horizons Ventures, the venture fund of Mr. Li Ka-shing, Asia's richest man.
The firm says it can replace both leather and beef with a bioengineered material 3D printed in the lab.
Based in Hong Kong, Horizons Ventures is a leading investor in some of the world's most innovative companies and disruptive technologies including Facebook, Waze, Skype, Spotify, Siri and Hampton Creek, which produces eggless mayonnaise.
The company will use the new investment to accelerate R&D and product development as well as to open an expanded research headquarters at the Brooklyn Army Terminal in New York City.
According to Bart Swanson of Horizons Ventures, 'We are delighted to partner with Modern Meadow whose truly innovative and disruptive solutions together with its increasing cost effectiveness can help address global resources challenges.'
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