A Bengaluru-based biotech startup- String Bio has announced that it would raise $20 million in a Series B round. In this respective funding round the investors Ankur Capital, Dare Ventures, Redstart, Zenfold Ventures, and Woodside Energy are taking part.
The company, String Bio has inked a deal with Australia's Woodside Energy to produce sustainable protein ingredients from greenhouse gasses.
String Bio is planning to utilize the fresh funding capital in the following ways:
- To drive the market growth of its products, and
- Strengthen its decarburization efforts.
String Bio was founded by Ezhil Subbian and Vinod Kumar in the year 2012. The latest technology is used by String Bio to produce animal feed and food ingredients.
The company uses its proprietary SIMP (String Integrated Methane platform) that leverages fermentation technology, chemistry, and process engineering, and synthetic biology to make the production of high-quality next-gen ingredients for animal nutrition, agriculture, human nutrition, and personal care sectors. In the manufacturing, process methane is used as a raw material.
String Bio is the sole company in Asia that has enabled a methane-based value chain through biological processes.
Methane is a greenhouse gas that covers around 27 times the amount of heat in the atmosphere as carbon dioxide. This is responsible for a third of global warming. As per the Intergovernmental Panel of Climate Change's AR6, agriculture and oil and gas industries are the biggest methane gas emitters.
EXECUTIVE OPINION:
"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," said Meg O'Neill, CEO, of Woodside Energy.
