Future Meat, a technology innovator in cultivated meat, has been able to drastically drop its cost of producing chicken breast.

In what is claimed to be the largest investment round for a cultured meat startup till date, Israel-based Future Meat announced the close of its $347 million Series B round co-led by ADM Ventures, the venture investing arm of ADM (NYSE: ADM), the Menora Mivtachim pension and insurance fund which manages over $85 billion in assets, and S2G Ventures. (CISION PR Newswire)

Other investors that took part in the round included Tyson Ventures, the venture capital arm of Tyson Foods and Rich Products Ventures, Manta Ray Ventures, Emerald Technology Ventures, ADM Capital (Cibus Fund), and Bits x Bites. An unnamed global tech investor also participated, according to Bloomberg.

Future Meat did not reveal its valuation. The company, which produces cell-based meat at the world’s first cultivated meat production line in Israel, is rapidly approaching price parity with traditional farmed meat because its yields are 10-times higher than current industry standards. For this, it employs a unique media rejuvenation process that actively removes waste products allowing animal cells to naturally flourish, resulting in a significantly lower capital investment and production cost.

Scalability is also another advantage, and the company said it is now able to produce cultivated chicken breast for just $7.70 per pound, or $1.70 per 110-gram chicken breast, down from under $18 per pound just six months ago. It also produces lamb, beef, and pork.

Its process is also highly sustainable, resulting in 80% less emissions, 99% less land use, 96% less freshwater use, with 100% same nutritional value compared to farmed meat.

Future Meat is now scouting several locations in the United States for its projected first-of-its-kind, large-scale production facility anticipated to break ground in 2022.

“We have consistently demonstrated that our single-cell technology and serum-free media formulations can reach cost parity faster than the market anticipates,” said Professor Yaakov Nahmias, founder and president of Future Meat, who previously described the space as the Apollo program of the 21st century.

“We also demonstrated that our proprietary media rejuvenation technology enables cell densities greater than 100 billion cells per liter, translating to production densities 10-times higher than the industrial standard. It is our mission to create a more sustainable future for coming generations. Our technology can produce meat on a fraction of the land currently used for meat production,” added Nahmias.

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