Biotech Startup String Bio Raises USD 20 million In Its Latest Funding Round

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Biotech startup String Bio recently said it has raised $20 million in funding from Woodside Energy Group, Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures.

String Bio has also signed a strategic development agreement with Woodside Energy Technologies, a wholly-owned subsidiary of Woodside Energy Group, for the production of sustainable protein ingredients from greenhouse gases, the firm said in a statement.

Founded by Vinod Kumar and Ezhil Subbian in 2013, String Bio manufactures and provides feed and food ingredients produced through biotechnology-based solutions. The startup uses its proprietary platform, Simp (String Integrated Methane Platform), to produce its feed products.

The solution leverages naturally-produced methane to create value-added products that have applications in multiple industries like animal nutrition, agriculture, cosmetics and human nutrition. It has its first multi-purpose gas fermentation facility in Bengaluru that can run on methane from both natural gas and biogas.

Also, Read This: Bengaluru-based Biotech Startup Bugworks Research Has Raised USD 18 Mn In Its Series-B1 Round Led by Lightrock India

“The current investment and collaboration will enable String to further drive the market growth of its products and strengthen its decarbonisation impact,” the statement said.

Commenting on the funding, Woodside Energy CEO Meg O’Neill said the investment in String Bio builds on Woodside’s ability to potentially abate greenhouse gases through the conversion of carbon into useful products.

“We believe String Bio’s technology could eventually be used to recycle methane at Woodside facilities. It could also be deployed at third-party sites, with available biomethane such as landfill facilities and farms,” she added.

“We are excited to deepen our investment with them to bring their products to market with like-minded partners across the globe and drive the climate impact they envision,” said Ankur Capital managing director Ritu Verma.

Also, Read This: Biotech Startup Zumutor Biologics Has Raised USD 6.2 million In Funding

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