ADM Ventures, GV and Barclays helped the microbe-based protein developer close a round that will support research and development.
US-based alternative protein developer Air Protein has received $32m in a series A round co-led by food processing group Archer Daniels Midland (ADM), internet and technology group Alphabet and financial services firm Barclays.
ADM and Alphabet participated in the round through respective corporate venturing units ADM Ventures and GV respectively.
Founded in 2019, Air Protein is developing protein flour products made using microbes called hydrogenotrophs. These microbes consume elements contained in the air, such as carbon dioxide (CO2), to make the amino acids used in the production of its flour.
The startup is a subsidiary of research provider Kiverdi, which is using NASA-inspired technology to develop nutrients and bio-based products derived from CO2.
The proceeds will be used to launch an innovation, research and development lab and speed up development and commercialisation of Air Protein’s product.
Darren Streiler, ADM Ventures’ managing director, said: “It is essential to explore a variety of alternative solutions and options to help meet the growing global population’s demand for protein.
“ADM is a global leader in alternative proteins, and we are excited to help leverage our vast experience with fermentation solutions to help bring Air Protein’s innovative new ideas to the market.”