The market is flooded with protein supplements for the benefits they bring to the human body. However, the high cost of production, as well as the risks associated with protein production, poses several challenges.
Lartbio, a Korean startup founded by Goo Jang, is set to be a pioneer in bovine-related products. Its game-changer strategy of a “Cattle Platform,” similar to the Amazon Platform model, to produce and sell a variety of bovine products for consumption, is unique.
Just as a superstore platform, the company plans to diversify into multiple numbers of areas such as producing test-tube embryos and calves, milk, meats, medicines, dairy products, bio proteins, etc.
After two decades of experiments, Jang found a way to produce test-tube calves in 2000. In 2010, he and his team created a cloned cow, and in 2014, it created its first transgenic cow. The company recently created a genetically engineered cow.
Different business models
The short-term business model at Lartbio is embryo production. Currently, the company can produce embryos up to 300 straws every year, which is sold to Livestock Farm Owners and Inseminators for $500 each. It also plans to produce and sell a new breed of cattle like a super-muscle cow or non-prion cattle simultaneously. There are additional plans to open exclusive steakhouses with these new breeds.
At a midterm stage, the company plans to produce designer milk for human consumption. Each cow produces 8000kg of milk every year, which is worth $12000. The ultimate goal is to create a biosimilar drug product. The company needs $17 million for research and investment in constructing its farm overseas.
The company is looking to expand and create a long-term market. Their target market is $1 million in Korea. Reportedly, the global market size for Humanized Milk is $8.6 billion.
Currently, in Korea, the company has received $12 million since 2016. It operates a small-scale research farm. The company is looking for investors to expand and actualize its plans. Lartbio is attending the TIPS beSUCCESS Korean Startup Showcase @ Silicon Valley 2020 on February 4th & 5th.
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