Meat alternative company Planetarians to close operations, searches for a buyer interested in 'risk-free, market-proven technology'
In a significant move, California-based startup Planetarians is auctioning its patented technology and assets on August 7 to settle outstanding debts. The startup, known for its innovative approach to plant-based meat production, has struggled to secure additional funds to expand its production capacity in the face of a challenging investment climate for food tech.
Planetarians' core technology and products are valid until 2041, providing a solid foundation for potential buyers. The startup has developed a patented method for manufacturing meat alternatives from spent liquid brewers' yeast and other upcycled proteins, addressing issues such as high retail prices and consumer demand for cleaner, more understandable ingredient labels in the plant-based meat market.
The auction includes a twin-screw extruder, centrifuge, freezing tunnel, conveyors, vacuum packer, and other equipment, as well as the rights to lease the startup's 11,500 sq ft pilot facility in Hayward, California. The assets also encompass patents covering the core technology and products, and the 'SpyGlass AI' platform - a tool that can create products with simple, consumer-friendly ingredient declarations and extend the firm's technology application to broader consumer packaged goods (CPG) product development.
The SpyGlass AI platform has the potential to transform how any major food company approaches innovation and sustainability, creating better-for-you versions of any CPG product using byproducts. This technology is notable for its potential to transform how major food companies innovate by using byproducts and upcycled proteins to produce better-for-you foods with improved nutrition, lower costs, and enhanced sustainability profiles.
The firm raised a $6 million seed round in 2023, led by Mindrock and supported by Traction Fund, Techstars, SOSV, and ZX Ventures, the corporate venture arm of brewing giant AB InBev. Planetarians achieved significant market validation with $141k in school sales in 2024, $135k from senior housing in 2023, with retail velocities 2-4x higher than competitors and 85% repeat rates in foodservice.
Potential buyers for Planetarians' patented technology and assets are strategic acquirers in the alternative protein or broader consumer packaged goods (CPG) sectors who can actively utilize and further develop Planetarians' de-risked, market-validated technology. These buyers may include food companies interested in clean label meat alternatives made from upcycled proteins, such as spent brewers’ yeast and vegetable oil extraction byproducts, as well as firms focusing on innovation and sustainability in food production.
Aleh Manchuliantsau, the founder and CEO of Planetarians, stated that this isn't a liquidation but a strategic transition. He will offer his services for a 6-to-9-month period as a strategic advisor to help with the transition. This auction represents a rare opportunity to acquire de-risked, market-validated technology with substantial growth potential and the capacity for significant societal impact.
- The auction of Planetarians' patented technology and assets, including the SpyGlass AI platform, presents a rare opportunity for strategic acquirers in the alternative protein or consumer packaged goods (CPG) sectors to innovate, as this technology could transform how they approach food production, offering clean label meat alternatives with upcycled proteins.
- Beyond finance considerations, the acquisition of Planetarians' technology could have a significant impact on lifestyle choices, food-and-drink production, and business strategies, as the SpyGlass AI platform is designed to create better-for-you versions of various consumer packaged goods (CPG) products, while addressing sustainability concerns.
