[
  {
    "objectId": "slide_1_context",
    "slideIndex": 1,
    "content": "PHAT"
  },
  {
    "objectId": "slide_1_title",
    "slideIndex": 1,
    "content": "THE AGE OF APPROXIMATION IS OVER."
  },
  {
    "objectId": "slide_1_body",
    "slideIndex": 1,
    "content": "First dairy-identical fat. No cow required."
  },
  {
    "objectId": "slide_2_context",
    "slideIndex": 2,
    "content": "ABOUT US"
  },
  {
    "objectId": "slide_2_title",
    "slideIndex": 2,
    "content": "FAT, DIALED IN."
  },
  {
    "objectId": "slide_2_body",
    "slideIndex": 2,
    "content": "PHAT creates dairy-identical fat through precision algae cultivation.\nFirst to produce dairy-identical fatty acid profiles in natural triglyceride architecture.\nNo cows. No compromise.\nFounded 2023. Rehovot, Israel. Kitchen incubator partner."
  },
  {
    "objectId": "slide_3_context",
    "slideIndex": 3,
    "content": "MISSION"
  },
  {
    "objectId": "slide_3_title",
    "slideIndex": 3,
    "content": "GROWN, NOT MADE."
  },
  {
    "objectId": "slide_3_body",
    "slideIndex": 3,
    "content": "We don't approximate dairy fat.\nWe don't substitute for dairy fat.\nWe replicate dairy fat. Molecule by molecule."
  },
  {
    "objectId": "slide_4_context",
    "slideIndex": 4,
    "content": "PROBLEM"
  },
  {
    "objectId": "slide_4_title",
    "slideIndex": 4,
    "content": "WHY PLANT-BASED FAILED."
  },
  {
    "objectId": "slide_4_body",
    "slideIndex": 4,
    "content": "The category peaked. Now it's retreating.\nMilk alternatives: 15% share. The win.\nCheese and butter: 1.6%. The failure.\n~2/3 of consumers returned to conventional dairy.\nThis isn't a GROWTH story. It's a product PROBLEM.\n\n\"Taste and texture are still the biggest challenges\" \u2014 Waananen, Blue Diamond."
  },
  {
    "objectId": "slide_5_context",
    "slideIndex": 5,
    "content": "PROBLEM"
  },
  {
    "objectId": "slide_5_title",
    "slideIndex": 5,
    "content": "FAT IS THE HEART OF DAIRY."
  },
  {
    "objectId": "slide_5_body",
    "slideIndex": 5,
    "content": "Texture. Mouthfeel. Flavor release.\nAll driven by fat chemistry.\n\n\"Dairy-like fat is a key enabler\" \u2014 Perrin, Danone."
  },
  {
    "objectId": "slide_6_context",
    "slideIndex": 6,
    "content": "PROBLEM"
  },
  {
    "objectId": "slide_6_title",
    "slideIndex": 6,
    "content": "THE MOST COMPLEX FAT IN NATURE."
  },
  {
    "objectId": "slide_6_body",
    "slideIndex": 6,
    "content": "400 fatty acids assembled into structured triacylglycerols (TAGs).\nEach TAG: glycerol backbone + 3 fatty acids at defined positions (sn-1, sn-2, sn-3).\nShort/medium-chain at outer positions. Unsaturated at center.\nThis creates thousands of distinct TAG species.\n\nResult: broad melting range (4\u00b0C \u2192 37\u00b0C), crystalline structure for aeration/emulsification, precise flavor release timing.\nEven small deviations = noticeable quality loss."
  },
  {
    "objectId": "slide_7_context",
    "slideIndex": 7,
    "content": "PROBLEM"
  },
  {
    "objectId": "slide_7_title",
    "slideIndex": 7,
    "content": "WHY EVERY ALTERNATIVE FAILED."
  },
  {
    "objectId": "slide_7_body",
    "slideIndex": 7,
    "content": "Root causes (not just symptoms):\n\u2022 Wrong fatty acid profile \u2192 wrong taste, texture, melting\n\u2022 Wrong TAG structure \u2192 wrong creaminess, fat dispersion, mouthfeel\n\u2022 Sharp melting points instead of dairy's smooth 4\u00b0C\u219237\u00b0C curve \u2192 waxy in, greasy out\n\u2022 Inherent off-flavors \u2014 coconut and palm can't NOT taste like themselves\n\u2022 High long-chain saturated fats \u2192 functionally different from milk fat\n\u2022 Tropical crop dependency \u2192 sustainability issue"
  },
  {
    "objectId": "slide_8_context",
    "slideIndex": 8,
    "content": "MARKET"
  },
  {
    "objectId": "slide_8_title",
    "slideIndex": 8,
    "content": "THE 1.6% PROBLEM."
  },
  {
    "objectId": "slide_8_body",
    "slideIndex": 8,
    "content": "Milk hit 15%. Cheese failed.\nThe closer you try to replicate dairy, the harder you fail.\nUntil now.\n\n73% want improved plant-based cheese.\n2/3 returned to conventional dairy.\nThe category needs a breakthrough, not another oat product.\n\n\"Poor taste and texture make repeat purchases difficult\" \u2014 Haley, Ingredion."
  },
  {
    "objectId": "slide_9_context",
    "slideIndex": 9,
    "content": "OPPORTUNITY"
  },
  {
    "objectId": "slide_9_title",
    "slideIndex": 9,
    "content": "THE OPPORTUNITY."
  },
  {
    "objectId": "slide_9_body",
    "slideIndex": 9,
    "content": "73% want improved plant-based cheese.\n2/3 returned to conventional dairy.\nThe category needs a breakthrough.\n\nFirst focus: Yogurt, Desserts, Cheese (US/EU)\nHigher repeat purchase pain. Less price sensitivity. Willingness to pay for performance.\n\nTarget customers: Danone (Alpro, Silk, So Delicious), Oatly, Califia Farms, Ripple Foods, Blue Diamond."
  },
  {
    "objectId": "slide_10_context",
    "slideIndex": 10,
    "content": "SOLUTION"
  },
  {
    "objectId": "slide_10_title",
    "slideIndex": 10,
    "content": "WE FOUND WHAT EVERYONE MISSED."
  },
  {
    "objectId": "slide_10_body",
    "slideIndex": 10,
    "content": "Reverse-engineered dairy fat architecture:\n\u2713 Dairy-identical fatty acid profile (including SCFAs no plant can make)\n\u2713 Natural triglyceride structure (the architecture that determines performance)\n\u2713 Correct melting behavior (smooth 4\u00b0C\u219237\u00b0C curve)\n\u2713 Crystalline structure (aeration, emulsification, stable texture)\n\u2713 Efficient flavor carrying and release\n\nWe don't approximate dairy fat. We replicate its molecular architecture."
  },
  {
    "objectId": "slide_11_context",
    "slideIndex": 11,
    "content": "CAPABILITIES"
  },
  {
    "objectId": "slide_11_title",
    "slideIndex": 11,
    "content": "DEEP CAPABILITIES."
  },
  {
    "objectId": "slide_11_body",
    "slideIndex": 11,
    "content": "1. Oleaginous Microalgae Platform\nUp to 50% oil of biomass. Wild-type + transgenic strains producing full range of milk fat fatty acids.\n\n2. High-Yield Cultivation + Extraction\nOptimized GROWTH conditions. Food-grade, efficient TAG extraction.\n\n3. Dairy Fat Precision Formulation\nDesigning algal oil formulations with fatty acid profiles and TAG structures that match milk fat specifications.\n\nIP Moat: Transgenic algae strains \u2014 only PHAT has these. Combined with deep formulation expertise in milk fat reverse-engineering."
  },
  {
    "objectId": "slide_12_context",
    "slideIndex": 12,
    "content": "BUSINESS MODEL"
  },
  {
    "objectId": "slide_12_title",
    "slideIndex": 12,
    "content": "ASSET-LIGHT MODEL."
  },
  {
    "objectId": "slide_12_body",
    "slideIndex": 12,
    "content": "In-house: Formulation + Transgenic IP + R&D\nPartner-operated: Cultivation + Extraction\nB2B: Pure ingredient to F&B producers\n\nNo capital-intensive infrastructure.\nNo CPG MARKETing spend.\nAll value in IP and formulation expertise."
  },
  {
    "objectId": "slide_13_context",
    "slideIndex": 13,
    "content": "SCALABILITY"
  },
  {
    "objectId": "slide_13_title",
    "slideIndex": 13,
    "content": "BUILT TO SCALE."
  },
  {
    "objectId": "slide_13_body",
    "slideIndex": 13,
    "content": "Existing commercial algal sites worldwide \u2014 no greenfield build needed.\nLeverage massive-scale extraction infrastructure already serving food & beverage.\nPure ingredient designed to drop into large commercial categories.\n\nScale is a partner decision, not a capital decision."
  },
  {
    "objectId": "slide_14_context",
    "slideIndex": 14,
    "content": "MILESTONES"
  },
  {
    "objectId": "slide_14_title",
    "slideIndex": 14,
    "content": "MILESTONES."
  },
  {
    "objectId": "slide_14_body",
    "slideIndex": 14,
    "content": "2023 \u2014 Founded\nOct 2024 \u2014 Algal oil extraction \u2713\nDec 2024 \u2014 First dairy-similar fat formulation \u2713\nJan 2025 \u2014 First ingredient prototype \u2713\nApr 2026 \u2014 Modified algal line (target)\nAug 2026 \u2014 Food-application testing (target)\n2027+ \u2014 Commercial expansion\n\nClear \u2713 for achieved vs target labels for future."
  },
  {
    "objectId": "slide_15_context",
    "slideIndex": 15,
    "content": "GROWTH"
  },
  {
    "objectId": "slide_15_title",
    "slideIndex": 15,
    "content": "GROWTH PLAN."
  },
  {
    "objectId": "slide_15_body",
    "slideIndex": 15,
    "content": "Focus: Leading alt-dairy producers\nGeography: US and Europe\nEntry categories: Beverages \u2192 Cream \u2192 Cheese\n\n[Revenue projection chart \u2014 CEO to provide]\n[JDE/brand count targets \u2014 CEO to provide]"
  },
  {
    "objectId": "slide_16_context",
    "slideIndex": 16,
    "content": "TEAM"
  },
  {
    "objectId": "slide_16_title",
    "slideIndex": 16,
    "content": "LEADERSHIP."
  },
  {
    "objectId": "slide_16_body",
    "slideIndex": 16,
    "content": "Ofir Ardon, CEO \u2014 Previously CEO of Acclym (Ag-Tech). Led F&B expansion, multiple financing rounds.\n\nDr. Sima Smadja Storz, CTO \u2014 PhD Neurobiology. Expert in microalgae genetics, molecular biology, upstream/downstream bioprocessing.\n\nProf. Nurit Argov Argaman \u2014 Hebrew University. Lactation physiology, milk quality, metabolic regulation of milk composition.\n\nProf. Inna Khozin Goldberg \u2014 Ben-Gurion University. 120+ peer-reviewed publications. Microalgal biotechnology, lipid biochemistry."
  },
  {
    "objectId": "slide_17_context",
    "slideIndex": 17,
    "content": "THE ASK"
  },
  {
    "objectId": "slide_17_title",
    "slideIndex": 17,
    "content": "[CEO TO FILL]"
  },
  {
    "objectId": "slide_17_body",
    "slideIndex": 17,
    "content": "Round size:\nUse of funds:\nTimeline:\nKey MILESTONES this capital unlocks:"
  },
  {
    "objectId": "slide_18_context",
    "slideIndex": 18,
    "content": "APPENDIX"
  },
  {
    "objectId": "slide_18_title",
    "slideIndex": 18,
    "content": "APPENDIX \u2014 SUPPORTING DETAIL"
  },
  {
    "objectId": "slide_18_body",
    "slideIndex": 18,
    "content": "[APPENDIX divider]"
  },
  {
    "objectId": "slide_19_context",
    "slideIndex": 19,
    "content": "APPENDIX"
  },
  {
    "objectId": "slide_19_title",
    "slideIndex": 19,
    "content": "COMPETITIVE LANDSCAPE."
  },
  {
    "objectId": "slide_19_body",
    "slideIndex": 19,
    "content": "| Company | SCFAs? | TAG Structure? | Melting? | Clean Taste? | Sustainable? |\n| Coconut oil | \u2717 | \u2717 | \u2717 sharp | \u2717 coconut | \u2717 tropical |\n| Palm oil | \u2717 | \u2717 | \u2717 waxy | \u2717 palm | \u2717 tropical |\n| Savor | \u2717 | \u2717 | ? | \u2717 synthetic | \u2713 |\n| Yali Bio | \u2717 | \u2717 | ? | ? | \u2713 |\n| Melt&Marble | \u2717 | \u2717 | ? | ? | \u2713 |\n| Nourish | \u2717 | \u2717 | ? | ? | \u2713 |\n| PHAT | \u2713 | \u2713 | \u2713 | \u2713 | \u2713 |\n\nThey make fat. We make dairy fat."
  },
  {
    "objectId": "slide_20_context",
    "slideIndex": 20,
    "content": "APPENDIX"
  },
  {
    "objectId": "slide_20_title",
    "slideIndex": 20,
    "content": "TARGET PROSPECTS."
  },
  {
    "objectId": "slide_20_body",
    "slideIndex": 20,
    "content": "Danone (Alpro, Silk, So Delicious) \u2014 30% of alt-dairy MARKET\nOatly \u2014 category leader in milk, needs cheese/butter breakthrough\nCalifia Farms \u2014 premium positioning, needs taste differentiation\nRipple Foods \u2014 protein-first, needs fat SOLUTION\nBlue Diamond \u2014 R&D director already quoted in our deck (warm lead)\n\nThese companies share one PROBLEM: their products don't repeat. PHAT fixes that."
  },
  {
    "objectId": "slide_21_context",
    "slideIndex": 21,
    "content": "APPENDIX"
  },
  {
    "objectId": "slide_21_title",
    "slideIndex": 21,
    "content": "MARKET THESIS."
  },
  {
    "objectId": "slide_21_body",
    "slideIndex": 21,
    "content": "First focus: Yogurt, Desserts, Cheese\nPrimarily US/EU\n\nWhy these categories first:\n\u2022 Highest repeat purchase pain (consumers try once, don't return)\n\u2022 Less price sensitivity (premium positioning possible)\n\u2022 Willingness to pay for performance (B2B buyers need results, not savings)\n\nWhy NOT milk first: Milk alternatives succeeded at 15% because they don't need fat chemistry. Cheese/butter/yogurt do."
  }
]