IARN — Syngenta Group has announced the winners of its Radicle Protein Challenge.
The Radicle Protein Challenge was constructed by Syngenta Group and Radicle Growth, a company building platform for early-stage Ag and food technologies, to uncover innovation and invest in two technology companies that are transforming the future of protein. Mark Brooks is an investment manager with Syngenta Group Ventures. He says MycoTechnology, Inc. won the challenge and secured a $1 million investment, while the runner up – BlueNalu, Inc. – secured a $250,000 investment.
“MycoTechnology uses shiitake mushrooms and other types of organic mushrooms to ferment them and transform them into functional ingredients as a way to extract the proteins,” Brooks said. “BlueNalu, what they are doing is more about fish. They are looking at extracting and developing cell-based fish and using the cells of fish. It’s a really interesting way to bring more sustainable food to people.”
Brooks says the challenge saw interest from across the globe with over 150 impressive applicants.
“This challenge that we ran with Radicle Growth and Syngenta is a way for us to look for those companies and find those companies that are doing really interesting and highly innovative things in the alternative protein space,” Brooks said. “Because of this challenge, we’ve now picked two companies to invest in as two companies that we think are going to be paving the way for the future of alternative proteins. It’s an exciting time in this space.”
In addition to securing new funding, MycoTechnology, Inc. and BlueNalu, Inc. will benefit from access to Radicle and Syngenta’s broad agriculture expertise and global ag and food networks to accelerate the growth of their technologies around the world.
Story courtesy of the Iowa Agribusiness Radio Network.