Agronomics Limited has announced the acquisition of its portfolio company, Shiok Meats Pte. Ltd., by UMAMI Bioworks Pte. Ltd. in a share-for-share transaction. UMAMI Bioworks, a Singapore-based company, utilizes stem cell technology, machine learning, and automation to produce cultivated seafood. The merger aims to expedite the journey towards scalable production of sustainable, cultivated seafood by leveraging UMAMI Bioworks' innovative production platform and enabling technologies and Shiok Meats' pioneering research in crustacean cell cultivation.
As a result of the transaction, Agronomics now holds an equity ownership of 0.71% in UMAMI Bioworks on a fully diluted basis, with a book value of £0.378 million. UMAMI Bioworks is dedicated to regenerating oceans and the planet by providing a sustainable alternative to overfishing of endangered species and enabling consumers to access delicious, affordable, and nutritious seafood products free from pollutants.
Shiok Meats, a cultivated meat and seafood company based in Singapore and South-East Asia, aims to bring sustainable and healthy seafood to the table by growing meat from healthy cells instead of animals. The company has conducted R&D on crustaceans like shrimps, crabs, and lobsters using cellular agriculture technology. Shiok Meats has raised funding of US$30 million from notable investors and is the first company in the world to conduct cellular agriculture R&D on crustaceans.
The strategic combination of Shiok Meats and UMAMI Bioworks is expected to enhance go-to-market efficiencies, expand commercial opportunities, and accelerate regulatory approvals and market introduction of cultivated seafood. This merger represents a significant step towards the production of sustainable, environmentally friendly seafood products.