Perfect Day is a start-up specializing in the production of environmentally friendly and nutritious sources of protein – without the use of animals. The Silicon Valley-based innovator is collaborating with food companies and food investors to bring its proteins to market and has raised $24.7 million in funding and received its first patent for the use of animal-free dairy proteins in food applications.

The global market for alternative dairy drinks is expected to reach $16.3 billion in 2018 alone, according to Innova Market Insights data, a dramatic increase from $7.4 billion in 2010. Earlier this month, Goldman Sachs Group Inc. invested $65 million in Ripple Foods Inc, a start-up beverage company that creates milk-like beverages from yellow peas. The investment is Ripple’s largest to date and brings the two-year-old company’s total funding to $110 million.