Munching Maggots Help Singapore Startup Secure Lucrative Biomaterial

The protein-rich maggots are being bred to extract biomaterials that can be used in pharmaceuticals and electronics. (Reuters)
The protein-rich maggots are being bred to extract biomaterials that can be used in pharmaceuticals and electronics. (Reuters)
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Munching Maggots Help Singapore Startup Secure Lucrative Biomaterial

The protein-rich maggots are being bred to extract biomaterials that can be used in pharmaceuticals and electronics. (Reuters)
The protein-rich maggots are being bred to extract biomaterials that can be used in pharmaceuticals and electronics. (Reuters)

In a quiet, mainly residential district of Singapore, trays of writhing black soldier fly larvae munch their way through hundreds of kilograms of food waste a day.

The protein-rich maggots can be sold for pet food or fertilizer, but at Insectta - a startup that says it is Singapore’s first urban insect farm - they are bred to extract biomaterials that can be used in pharmaceuticals and electronics.

“What these black soldier flies enable us to do is transform this food waste, which is a negative-value product, into a positive-value product,” said Chua Kai-Ning, Insectta’s co-founder and chief marketing officer.

Black soldier flies are renowned for their ability to consume any kind of food waste and their speed and efficiency at transforming that waste into body mass, Chua said. The hundreds of millions of larvae at the farm eat four times their body weight in food waste every day.

Working in conjunction with Singapore’s Agency for Science, Technology and Research, Insectta’s technology uses a proprietary and environmentally friendly process to extract lucrative substances such as chitosan, melanin and probiotics from the larvae, it said.

The substances, which are worth a few hundred dollars per gram, are sold to other companies.

Melanin conducts electricity and can be used in semiconductors, supercapacitors or batteries, while chitosan has anti-inflammatory properties and is useful in the manufacturing of cosmetics and pharmaceuticals.

“Traditionally melanin has never been extracted, other than from squid ink,” said Insectta co-founder and chief technology officer, Phua Jun Wei, adding that the production of chitosan usually requires large amounts of corrosive and environmentally damaging solvents.

With the global market valued at $7 billion and expected to grow sharply, Insectta said it was seeking to expand the industrial applications for its high-grade chitosan to wound healing, filaments for organic 3D-printing and drug delivery agents.



Taiwan Tech Giant Foxconn’s 2024 Profit Misses Forecasts 

The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)
The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)
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Taiwan Tech Giant Foxconn’s 2024 Profit Misses Forecasts 

The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)
The logo of Foxconn is on display during the Smart City Summit & Expo pre-event press conference in Taipei, Taiwan, 11 March 2025. (EPA)

Taiwanese tech giant Foxconn reported on Friday a lower-than-expected net profit for 2024 as consumer electronic gadgets underperformed, although demand for its artificial intelligence servers remained robust.

The world's largest contract electronics manufacturer has been moving beyond assembling devices such as Apple's iPhones into areas ranging from electric vehicles to AI servers.

The company said full-year net profit rose seven percent to NT$152.7 billion (US$4.6 billion).

That compares with an average forecast of NT$159.4 billion, according to a Bloomberg News survey of analysts.

Full-year revenue rose 11 percent to NT$6.9 trillion, beating the market forecast of NT$6.8 trillion.

Foxconn, also known as Hon Hai Precision Industry, has been riding a wave of global demand for generative AI in recent years.

The company reported a "strong performance" in its AI server business, with revenue up 150 percent, according to documents released ahead of an earnings call with analysts.

This year would be the "Year of AI", the company said, with shipments increasing in every quarter.

The earnings announcement comes as US President Donald Trump imposed tariffs against major trading partners including China, Canada and Mexico, igniting trade wars and causing markets to fall.

While Foxconn has plants around the world, the bulk of its operations is based in China, which has been hit by 20 percent levies on products shipped to the United States.

Foxconn is building a mega-AI server plant in Mexico, which a local official told Bloomberg recently would be completed in a year despite Trump's tariff threats.

The $900 million assembly plant near Guadalajara will become the world's largest to be powered by Nvidia's GB200 AI chips, Jalisco Governor Pablo Lemus Navarro said.

Foxconn has also been in the spotlight over potential cooperation with Japanese automaker Nissan after its merger talks with rival Honda fell through in February.

Chairman Young Liu said previously that Foxconn was open to buying French auto giant Renault's stake in Nissan and was looking into a cooperation with Nissan, not a merger.

Foxconn has been looking to expand into the Japanese EV market and Liu said last month the company would announce "good news" in EVs within one or two months.