Lab-grown meat startups that rely on animal cells to produce beef, poultry and seafood products have caught the eye of the U.S. Food and Drug Administration, which has begun the process of regulating the industry.

Cultured meat, considered an environmentally sound alternative to the real thing, is made by harvesting cells from animals and growing them to make food. Companies like Memphis Meats Inc. and Future Meat Technologies have piqued the interest of investors such as food giants Tyson Foods Inc. and Cargill Inc., as well as billionaires Bill Gates and Richard Branson.