Dr. Viknish Krishnan-Kutty, the founder and CEO of Cellivate Technologies, emerged as the top winner of CNA’s business reality show, The Big Spark, securing an impressive S$4.15 million in potential funding from five venture capitalists (VC).
Out of the initial 24 teams, only five advanced to the final rounds of The Big Spark after rigorous competitions. Three of these finalists received backing from investors. Antler, a Singapore-based VC, led the pack by injecting S$500,000 into Cellivate Technologies. Additionally, three other VCs contributed $100,000 each to support the startup’s mission of offering plant-based and cell-based solutions as alternatives to animal slaughter.
The final VC to extend an offer was Sebastian Togelang of Rigel-Farro Capital, initially proposing S$50,000 but eliciting cheers from the audience when he followed up with an offer to fund Cellivate Technologies’ S$3.3 million seed round.
Established in 2019 as a spin-off from the National University of Singapore, Cellivate Technologies represents Dr. Viknish’s inaugural entrepreneurial endeavor. His transition from a stable research scientist position at NUS to pursue his passion for ethical meat consumption was highlighted on the show.
Dr. Viknish, who abstained from meat consumption since his teenage years due to concerns about the environmental impact of livestock farming, impressed multiple VCs with his sharp and confident presentation. Despite initially seeking S$350,000 for a 2.5% stake in his company, the overwhelming response from investors underscores their confidence in Cellivate Technologies’ potential.
Although Cellivate Technologies has yet to turn a profit, investors are optimistic about its future, buoyed by a substantial backlog of orders awaiting fulfillment. Dr. Viknish emphasized the importance of the funds raised from the competition, which will be pivotal in expanding research and development, enhancing production capabilities, and recruiting a dedicated commercial team to propel the company’s growth.
Reflecting on the experience, Dr. Viknish expressed gratitude, stating, “Winning The Big Spark has shown us that we are on the right track. The funds will also allow us to continue our work and take it to the next level.”
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