MOA Foodtech Receives €2.3 Million Grant from European Innovation Council
Spanish biomass fermentation startup MOA Foodtech has recently secured a €2.3 million ($2.4 million) grant from the European Innovation Council accelerator program. Additionally, the company has received a commitment to €12.5 million ($13 million) in equity funding from the EIC Fund under its blended finance scheme.
The equity funding is subject to matching co-investment from private investors and will enable MOA Foodtech to further develop its AI platform, expand its catalog of proprietary ingredients, and scale its processes to an industrial level.
‘Balancing Carbon and Nitrogen in Feedstocks’
Founded in late 2020 by CEO Bosco Emparanza, Dr. Susana Sánchez (CSO), and José María Elorza (CFO), MOA Foodtech specializes in growing self-GRAS yeast strains that can utilize various food side streams, such as distillers’ grains and crop residues. These yeast strains add nutrition and functionality to a wide range of foods.
Emparanza explained, “We’ve built a sustainable ingredient platform that combines biotechnology and AI to transform waste and byproducts from the agrifood industry into high-value ingredients. We are working with partners in the industry to utilize over 150 byproducts as feedstocks for our fermentation processes.”
‘Albatross AI Tool’
At a recent biomass fermentation growth hack in San Francisco, Emparanza introduced MOA Foodtech’s AI tool, Albatross. This tool combines byproducts with microbes to optimize the fermentation process, reduce costs, and enhance the functionality of the final biomass.
Emparanza highlighted, “Our AI tool allows us to achieve specific functionalities in the final biomass by adjusting the downstream processing. With Albatross, we can complete the development process in a fraction of the time compared to traditional methods.”
MOA Foodtech’s innovative approach to utilizing food and ag byproducts as feedstocks sets them apart in the fermentation space. By focusing on achieving a balance between carbon and nitrogen in feedstocks, the company aims to revolutionize the production of sustainable ingredients for various industries.
With the recent funding secured, MOA Foodtech is poised to make significant strides in the development of its AI platform and the commercialization of its proprietary ingredients. The company’s commitment to sustainability and efficiency positions them as a key player in the evolving landscape of biomaterial production.
