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Ÿnsect, an agritech startup based in Paris produces insect-based animal food. This startup has raised $125 million (€110 million) funding led by Astanor Ventures along with participation from Talis Capital, Bpifrance, Finasucre, Idinvest Partners and Compagnie du Bois Sauvage.
With this investment, the overall funding raised by Ÿnsect becomes $175 million (€154 million). And, it is said that the company will use the latest investment that is has invested to fuel its expansion in North America.
Ÿnsect was founded in 2011 by Alexis Angot. This startup breeds insects to produce premium ingredients for pet food, organic plant fertilizers and fish feed. Its largest farm is touted to be capable of producing nearly 20,000 tons of protein per year.
While there are numerous insects to be bred to make animal food, this French startup focuses on the larvae of Tenebrio Molitor called mealworms. The company also touts that it offers good nutrition to fish, salmon, shrimp, sea-bass and trout.
Ÿnsect uses unique and highly scalable technology that makes it the world’s largest insect producer. It uses deep tech all throughout its production process starting from feeding to controlling the health of the insects. It uses sensors for quality control and harvesting insects. Notably, the entire process is automated.
Antoine Hubert, Ÿnsect CEO and chairman stated, “We have 25 patents covering our technology, the products themselves and their different applications, giving Ÿnsect the world’s largest insect patent portfolio. But ultimately, we need scale to have a significant impact globally, which this investment will allow us to achieve.”
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