Chemical-manufacturer ICL Group has started to invest in innovative technologies aside from its more traditional activities.
Calcalist has learned that the Israeli company plans on launching its startup incubator, ICL Planet Startup Hub, in order to assist companies in the foodtech and agritech sector head into the market. With this launch, ICL will carry out its first investment of $1 million in Protera, a company that is enabling a wide range of plant-based and sustainable solutions. Protera develops a platform that is based on artificial intelligence for research and development of alternative plant-based proteins, which have a variety of uses in the food industry. This will be a Series A investment where additional entities are also expected to participate.
ICL Planet was created as an innovation catalyst to serve early stage, pilot-ready startups, as well as more mature, market-ready startups operating within the agriculture and foodtech areas. The initiative was made to advance and nurture game-changing technology companies that are active in addressing critical global needs and making a positive and sustainable environmental impact.
“ICL is excited to help fund Protera’s efforts to develop safe, sustainable and unique protein-based food ingredients – which address today’s ethical, environmental and consumer health challenges – through its Series A investment of $1 million,” said Hadar Sutovsky, who serves as vice president of External Innovation and is a general manager of ICL Planet.
“Protera is addressing critical unmet needs and foodtech opportunities, which are complementary and synergistic with ICL’s food specialties growth strategy,” noted Rado Sporka, who is vice president of the Food Specialties Commercial Business for ICL.
ICL Planet was created as an innovation catalyst serving early stage, pilot-ready startups, as well as more mature, market-ready startups operating within the agriculture and foodtech domains. The initiative was driven to advance and nurture game-changing technology companies active in addressing critical global needs and making a positive and sustainable environmental impact.