Experiences: INNOMY BIOTECH SL

Tell us what your business offers

Innomy offers innovative solutions for the food industry based on mycelium.

We revalue by-products from the agro and food industry, using them as food for our mushrooms, allowing us to make products such as meat analogues or functional flours.

What is your added value?

Innomy’s added value lies in solid-state fermentation. This allows us to produce food on a large scale under very competitive conditions, without the need for large investments in fixed assets and in half the time of liquid fermentation processes.

Which people make up “Innomy”?

Innomy is made up of six people: four dedicated to R&D tasks and two dedicated to maintaining and growing the business.

As for the profiles that make up the company, three of our colleagues are biologists by training, two of them with PhDs in that field. The other three have very varied profiles, ranging from Political Science to Business Administration.

What have been your main challenges during these months and how have you overcome them?

The main challenge so far has been to complete the development of products that we had a high degree of progress but were struggling to find the point where they were “perfect”. After many months of work and with the help of our partners, we have managed to reach the point we were looking for.

What new projects do you have in the pipeline?

We are working with leading companies to scale up production with them. The interesting thing about this partnership is that we are developing technology to valorize by-products from these companies to generate functional products.

How do you envision the company in 10 years (product range, markets, employees, …)?

In 10 years we expect to be a leading company in the alternative protein sector, remaining at the forefront of innovation. We aspire to be an important reference for companies around the world, contributing to position the region as one of the main centers of food innovation.

How has the Basque public sector helped you?

The public sector of the Basque Country has supported us enormously, both with access to financing and by making us part of the Basque network of companies.

Since our incorporation in 2021 we have received financial aid through the Area 1 and 2, Ekintzaile, HAZITEK programs and we have taken advantage of tax deductions through Article 64 Bis.

We have also participated in the BEAZ Acceleration Program, which allowed us to access a participative loan from Seed Capital Bizkaia.

What would you recommend to someone who is just starting out?

I would tell him that the important thing is the people, that he puts together a great team. The project can vary, but the team has to be complementary, resilient and talented enough to succeed.

If there are any other questions you would like to ask or something you would like to highlight, please let us know.

In 2022 we received the award for Best European Agrifood Startup at the Smart Agrifood Summit (Malaga). We have also been in 3rd place in the Ingenia Startup awards.

Do you define yourselves as a “plant based” solution or do you consider that you go a step further?

Innomy proposes a disruptive solution called Fungi-based. It is the evolution of plant-based, because our products are rich in fungal protein, which is nutritionally superior to vegetable protein.

We understand that the adoption of alternative proteins worldwide is an unstoppable trend. We know that the 21st century consumer is much more conscious about food sustainability, as well as demanding in terms of flavors, aromas and textures. From Innomy we want to be part of this revolution, contributing with our knowledge about the Fungal Kingdom.

You are from Argentina but Euskadi has been the place where you have created and are growing Innomy. Tell us a little bit about this adventure.

In Argentina we are developing a technology that we consider to be global class, because of how powerful it is. But our country is a bit far away from the big decision makers, where the potential clients and target consumers are. So we decided to move the project to a larger market, such as the European Union, and to look for a location that loves mushrooms and values culinary culture. In Euskadi we also feel at home, with a very similar culture and very strong industrially, which makes us feel very comfortable, and in Argentina we are developing a technology that we consider to be global class, because of how powerful it is. But our country is a bit far away from the big decision makers, where the potential customers and target consumers are. So we decided to move the project to a larger market, such as the European Union, and to look for a location that loves mushrooms and values culinary culture. In Euskadi we also feel at home, with a very similar culture and very strong industrially, which makes us feel very comfortable.

For someone who does not have much knowledge of the Mycelium and its possibilities, what summary would you give them and which people do you think they should know about the mycelium?

The mycelium is the network of thin, branched filaments that form the main body of the mushroom. What one knows familiarly as a mushroom is the mushroom, the fruiting body, but the mycelium comprises the most important component of the mushroom.

It is very important to meet an expert in the field, I think it helps to properly understand the differences and opportunities that the mycelium and the fungal kingdom in general have for everyday applications. I would recommend visiting experts at universities.