LOS ANGELES (CBSLA/AP) — Tyson Foods Inc. has invested in a food-tech startup that’s developing methods to produce meat directly from animal cells.
The Arkansas-based company announced Monday that its venture capital arm, Tyson Ventures, now has a minority stake in Memphis Meats. The terms of the deal haven’t been disclosed, but Memphis Meats says it expects to use the funds to accelerate product development.
Tyson says the investment reflects the company’s commitment to find new, innovative ways of meeting a growing global demand for protein.
Memphis Meats is based in the San Francisco Bay Area. The company is developing methods to produce beef, chicken and duck meat from animal cells, which would eliminate the need to breed or slaughter animals.
Other high-profile investors in Memphis Meats are Bill Gates and Richard Branson.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)