Upside Foods is pioneering a groundbreaking technology of the 21st century by developing lab-grown meat and advancing sustainability in the animal protein sector.

Valued at over $1 billion, the company recently secured approximately $400 million in its latest investment round. It is led by founder and CEO Uma Valeti, a trained medical professional.

Uma, a former professor at the University of Minnesota and Stanford, transitioned from a successful medical career to founding a company with a crucial mission. This article explores his journey from medicine to entrepreneurship.

Uma Valeti Early Days

From a young age, Uma Valeti aspired to be a cardiologist, inspired by his grandfather’s commitment to providing free medical care in India. Coming from a family steeped in medicine, he pursued his dream at a top medical school and trained at the prestigious Mayo Clinic. 

Uma's remarkable career continued as he served on the board of directors at the American College of Cardiology and held positions as an Adjunct Professor at Stanford and an Associate Professor at the University of Minnesota. 

Discovering the Technology

However, a few pivotal events altered his career path. During a friend's birthday celebration, Uma witnessed a stark contrast: joyful festivities in the front yard and the harsh reality of animal slaughter in the back. This moment deeply impacted him, sparking ethical questions about meat consumption.

While managing a cafeteria in a medical school, he witnessed large-scale animal slaughter firsthand, which prompted him to stop eating meat. Despite missing its taste, Uma continued his medical career at the Mayo Clinic, focusing on stem cell research for heart regeneration.

This work sparked an innovative idea: could meat be cultivated directly from animal cells?

Recognizing the potential for a positive impact on the food system, Uma reached out to fellow researchers about starting companies in the field. However, many hesitated due to perceived risks. 

Finding Memphis Meats: Taking The Leap

In an interview, Uma quoted:
“So I started asking lots of people, "Why don't you start companies in this space?"  The science is there, at a basic science lab.  I was encouraging any scientist I could see to start a company in this space. And they were all like, "This is great. We've been talking about this in academia for a long time." But it was very high risk. And I think it was good to talk about and do some projects in the academic labs, but I couldn't convince anyone to start a company in the space to make real change.”

So Uma knew that the idea was special and needed to be implemented but expected someone else to take it up. However, because of the uncertainties involved in businesses, these researchers, professors, and other accomplished individuals rejected the idea. 

Uma complained about that to his family and was frustrated by the fact nobody would take the risk. His family noticed that Valeti had a strong calling for this business. 

Encouraged by his family, Uma took matters into his own hands. In 2015, he reached out to a venture capitalist and co-founded Memphis Meats, now known as Upside Foods.

“within an hour of writing to them, they immediately called and said, "Would you be able to move the company to the Bay Area?" And that's what started the journey in 2015 when no companies in this space existed.” - Uma Valeti

What began as a daring exploration now stands at the forefront of a burgeoning industry, with over 150 companies dedicated to cultivating meat sustainably. 

Developing Lab-Grown Meat: Making The Impossible Possible

At the start of his journey, Uma Valeti couldn’t foresee the profound impact he would have. Driven by an unwavering desire to innovate, he faced widespread skepticism, with many insisting that cultivating meat was impossible. Rather than discouraging him, this rejection fueled his determination.  

He embraced the challenge with the same intensity he applied to his medical practice, where he relentlessly sought answers for his patients, refusing to give up until he found them.

Haunted by the notion that such an innovative solution could remain unrealized, Uma experienced a deep sense of restlessness. 

He acknowledged that to find peace, he needed to pursue this idea and see it through. Leaving a fulfilling career in cardiology was not an easy decision; he was at the forefront of his field, engaging in advanced procedures and research. However, he felt that not taking this risk would leave a significant void in his life.

With strong encouragement from his family, Uma took a leap of faith, tapping into a well of support from investors and stakeholders who shared his vision. This collective effort transformed the venture into a movement much larger than he had ever anticipated. Today, with over 150 companies in the cultivated meat sector and academic programs emerging across leading universities, the landscape is evolving rapidly.

Why is Lab-grown or Cultivated Meat Important?

Lab-grown meat is vital for addressing major challenges in sustainability, animal welfare, food security, and health. The United Nations estimates that livestock farming contributes over 14% of global greenhouse gas emissions, with meat accounting for 60%, including potent methane, which can be up to 25 times more warming than carbon dioxide.

By transitioning to cultivated meat, emissions could potentially be reduced by up to 96%. Traditional meat production also demands considerable resources, with approximately 1,800 gallons of water needed to produce just one pound of beef, while lab-grown methods could use up to 90% less water. 

Additionally, lab-grown meat eliminates the need for animal slaughter, addressing ethical concerns and creating healthier options that can be engineered for better nutrition. With meat consumption projected to rise by 73% by 2050, lab-grown alternatives offer a sustainable, humane solution to meet the increasing global demand for protein.

Scaling and Growing Memphis Meats: Rise of Upside Foods

In February 2016, Memphis Meats debuted a video featuring a cultured meatball, followed by presentations of cultured chicken and duck dishes in March 2017. The company aimed to achieve production costs of 60 euros per kilogram and targeted market entry by 2020.

In August 2017, Memphis Meats raised $17 million in Series A funding, led by DFJ and supported by investors such as Bill Gates and Cargill. 

Initially, the cost of producing cultured beef was around $18,000 per pound, while cultured poultry was priced at $9,000 per pound. By June 2017, production costs had dropped to below $2,400 per pound, with plans for further reductions by 2021.

In January 2020, the company secured $161 million in Series B funding led by Softbank Group. Renamed Upside Foods in May 2021, it opened its first large-scale production facility, EPIC, in Emeryville, California, on November 4, 2021.

On November 17, 2022, Upside Foods became the first to complete the FDA’s pre-market consultation for cultivated chicken. In April 2023, it introduced new chicken cell products, receiving USDA approval in June. In September 2023, the company revealed plans for a new facility in Glenview, Illinois. 

Final Thoughts

After approvals from medical organizations for safe consumption, this is one technology that should and will be introduced in different countries. What’s remarkable about this story is the business infrastructure Uma built. 

With a credible resume and years of proven reliability, he leveraged his extensive network to connect with a venture capitalist and launch his startup. He also leveraged his extensive network, which allowed him to write to a venture capitalist and get his startup started. 

This itself is a great example of positive capitalism in the United States. Other than that, Uma Valeti is a talented individual with a good cause and insane determination and will. He was likely in his 40s when he took the leap to leave aside his well-set medical career and pursue entrepreneurship. 

Hope this story inspires you. Thank you for reading!