Biotech startup String Bio raises Rs 160 crore from investors
New Delhi: Biotech startup String Bio on Monday said it has raised USD 20 million (nearly Rs 160 crore) in a round of funding from investors, including Woodside Energy Group, Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures.
The company has also signed a strategic development agreement with Woodside Energy Technologies Pty Ltd, a wholly-owned subsidiary of Woodside Energy Group, for production of sustainable protein ingredients from greenhouse gases, String Bio said in a statement.
The startup leverages advances in biology, fermentation technology, chemistry and process engineering to convert the energy in methane into diverse value-added products.
Products enabled by String's platform range from protein ingredients for nutrition, to innovative crop inputs and products for biodegradable polymers, the company said.
String had set up its first multi-purpose gas fermentation facility in Bengaluru that can run on methane from both natural gas and biogas.
"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.
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