By Pet Age Staff//July 6, 2023//
By: Pet Age Staff//July 6, 2023//
Press release: Ÿnsect
Following the first tranche of 160 million euro (($175 million U.S.) in Series D funding announced in April, Ÿnsect, a leading company in insect production, is strengthening the company’s leadership to support the expansion of its activities and strategic goals, notably by implementing a new executive committee organization. This is a long-envisaged and natural step towards Ynsect’s continued commitment to operational excellence.
With the support of Antoine Hubert, Shankar Krishnamoorthy – a former member of Engie’s executive committee, who joined Ÿnsect in 2021 to lead international development and the construction of the Amiens site, has been appointed CEO of Ÿnsect.
Antoine Hubert, co-founder of Ÿnsect, is now focusing on innovation, science, influence and impact, in the roles of executive vice president and CŸO. He remains a company representative and spokesperson for Ÿnsect. Antoine carries on supporting the CEO and CFO on investors relationships and fund raising.
“In 12 years, together with our shareholders and our teams, we have risen to immense challenges to make Ÿnsect a leading company in the production of insect proteins for food, pets and plants. Today, and while our flagship site in Amiens is achieving a major milestone in its start-up phase, Ÿnsect has reached a point that requires us to adapt our organization. Therefore, I am handing over the operational reins of the company to Shankar, a seasoned professional that I fully trust and who has demonstrated his great qualities within Ÿnsect over the past two years, thus ensuring the best possible continuity for our teams and our stakeholders,” said Hubert.
“I am honored by the trust the Board has placed in me and am thrilled to lead Ÿnsect into its next stage of growth. I wish to thank Antoine for his dedication and commend his vision in launching Ÿnsect and in leading the company through its formative years. I look forward to working with all Ÿnsectors to tackle our challenges collectively and to relentlessly work to accomplish our mission,” added Krishnamoorthy.
“Ÿnsect is on the cusp of transitioning from a late-stage startup to a commercially viable company scaling up to meet its strategic objectives. At this important juncture of the company’s transition, the board of directors is pleased to appoint Shankar Krishnamoorthy as the CEO of Ÿnsect . Shankar has a proven track record as a CEO leading sustained, profitable growth in the competitive and challenging energy sector, has led culturally diverse teams across business development, technology and plant operations, finance and human resources and prior to Ÿnsect, was on the executive committee of ENGIE, a CAC 40 company.’’ added Hans Wackwitz, Ÿnsect board member. “Shankar will take over from Antoine Hubert, who will continue at Ÿnsect lending his vision, abundant passion, expertise and experience to focus on advancing and advocating for Ÿnsect’s science, impact and influence. The board counts on Antoine to be the face of Ÿnsect and continuing to represent its strong values.”
As a scientist and environmental activist, Hubert co-founded Ÿnsect in 2011 with the ambition to make an active and concrete contribution to decarbonizing the food chain in the context of the climate emergency. Over the past 12 years, he has been involved in every stage of the company’s development, from the early stages of research to the construction of the world’s largest vertical farm in Amiens. Under his leadership, Ÿnsect has become the world leader in the production of insect-based ingredients by deploying a strategy that is at once visionary, ambitious and operational.
Today, Ÿnsect boasts the largest intellectual property portfolio in this fledgling industry, with two research centers in France and the Netherlands, operates production sites in France and the United States, and has plans for new sites on every continent.
To further accelerate the company’s development and make a real impact on the decarbonisation of the global food supply, Antoine is handing over the operational management of Ÿnsect to Krishnamoorthy at a time when the Amiens site is passing a major milestone in its start-up phase and focus on the fundamentals at the heart of Ÿnsect’s DNA.
As executive vice president and CŸO, Hubert will focus his energies on strengthening Ÿnsect’s leadership in the key success factors of the insect industry. His new remit includes strategy, science, innovation, influence, IP and impact.
Krishnamoorthy joined Ÿnsect in 2021 after a career dedicated to leading international industrial projects. He had the opportunity to lead several commercial entities around the world before joining the Executive Committee of ENGIE, a world leader in the electricity and gas sectors, in 2017. As head of business development in Asia and CEO of the Middle East and Africa, Shankar led the opening of new markets and the development of several multi-billion-dollar energy infrastructure projects to support Engie’s international growth and participated in the IPO of Thai assets. Since 2014, he has worked in London and Paris in several senior roles, including strategy, research, engineering, construction, risk management and venture capital. Most recently, he was Executive Vice-President and COO of Ÿnsect, in charge of international development, engineering and manufacturing, including responsibility for the Amiens site, the largest vertical farm in the world.
Following the closing of the first tranche of Series D funding and as Ÿnsect prepares to make its first deliveries of ingredients produced by the world’s largest vertical farm in Amiens, the Board of Directors is evolving and welcoming new skills, necessary to implement the company’s development strategy. Ÿnsect is therefore delighted to welcome: