Israel's Remilk raises $120 million to produce animal-free protein

 Israeli foodtech startup Remilk has raised $120 million to scale up production of an animal-free protein that can be used in vegan dairy products like cheeses, yogurt and ice cream, the company said.

Remilk developed a yeast-based fermentation process to generate proteins that it said taste and function the same as proteins in cow milk, reported Reuters. They are free of lactose, cholesterol, and growth hormones, and the process reduces the environmental impact of dairy farming, it said.

The funding round was led by NY-based Hanaco Ventures.