Biotech startup String Bio raises Rs 160 crore from investors

"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 series B funding round, 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.

String Bio Co-Founder & Managing Director Vinod Kumar said, the partnership with Woodside will be a defining milestone to enable carbon-friendly products in the global marketplace.

Ankur Capital Managing Director Ritu Verma said biotechnology will play a big role in reimagining manufacturing of existing products and introducing new ones and String is at the forefront in this.

"We are excited to deepen our investment with them as they enter the next step of their journey to bring their products to market with like minded partners across the globe and drive the climate impact they envision," Verma added.