Israeli company FreezeM which specializes in breeding black silver flies has completed a $14.2 million Series A funding round to accelerate the deployment of its flagship product, PauseM.
PauseM provides ready-to-use young larvae of the black soldier fly, which have been "paused" in their growth cycle for 14 days but can be reawakened. By using PauseM, factories can eliminate the need for the fly breeding stage, simplifying their operations. This approach separates the breeding stage from the growth and processing stages, leading to streamlined production, cost savings, and increased efficiency.
This development is expected to lower the barrier to entry for new players in the insect protein market and facilitate the expansion of existing companies.
The company said the black soldier fly protein market is projected to reach $3.96 billion by 2033, addressing global food scarcity and organic waste buildup.
Changing the game for fly protein
FreezeM's technology could help boost global insect protein production capacity, which serves as sustainable animal feed. Black soldier fly protein offers advantages like circular economy usage by turning waste into protein, decreasing greenhouse gas emissions and mitigating soil and water pollution, promoting efficient land use, and reducing reliance on ocean resources.
Specifically, the company said that approximately 2,500 units of PauseM, containing about 2.5 kg of young larvae, will convert 80-100 tons of organic waste into about five tons of high-quality protein and about two tons of oil for animal and pet feeding within 14 days, additionally yielding about 20 tons of organic compost for agriculture.
A lack of suitable shelf products for breeding has hindered the development of the insect production market, unlike hatchery and automation solutions that assist in the larvae growth stages and protein extraction.
FreezeM, founded by CEO Dr. Yuval Gilead, has won prestigious grants from the European Innovation Council and the Israeli Innovation Authority.
This latest round of funding was led by private investors and the European Innovation Council Fund.