Bengaluru-based biotech startup String Bio bags $20 million in Series B funding round
- ByStartupStory | July 11, 2022
A $20 million Series B round was secured by biotech startup String Bio from investors including Ankur Capital, Dare Ventures, Redstart, Zenfold Ventures, and Woodside Energy. Additionally, the firm has a contract in place with Woodside Energy of Australia to create sustainable protein components from greenhouse emissions. It said that the investment will support its decarbonization efforts and help it expand the market for its products.
It makes high-quality next-generation ingredients for the animal nutrition, agricultural, human nutrition, and personal care sectors using methane as the raw material using its patented SIMP (String Integrated Methane Platform), which integrates fermentation technology, chemistry and process engineering, and synthetic biology.
A third of the heat-trapping greenhouse gas methane, which absorbs about 27 times as much heat as carbon dioxide in the atmosphere, is to blame for global warming. According to the AR6 assessment of the Intergovernmental Panel on Climate Change, the two businesses that generate the most methane gas are agriculture and the oil and gas sector.
Meg O’Neill, the CEO of Woodside Energy said, “We think Woodside facilities may someday recycle methane using the technology from String Bio. Additionally, it might be used at locations where biomethane is already present, such as farms and landfills.”
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About String Bio:
String Bio, a Bengaluru-based company founded in 2012 by Ezhil Subbian and Vinod Kumar, employs biotechnology to create components for food and animal feed. This is the first startup in Asia that has used biological processes to allow a methane-based value chain String Bio.
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