- Biotech startup String Bio has raised $20 Mn funding in its Series B round.
- String Bio primarily manufactures raw materials for animal nutrition, agriculture, human nutrition and personal care sectors that are derived using a sustainable process.
- String Bio competes with Bugworks Research, Zaara Biotech, and Immuneel Therapeutics.
Bangalore-based biotech startup String Bio has raised $20 Mn funding in its Series B round. The round was led by Woodside Energy, which is a subsidiary of global energy company Woodside Energy Group Ltd.
The round saw the participation from investors like Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures. String Bio primarily manufactures raw materials for animal nutrition, agriculture, human nutrition and personal care sectors that are derived using a sustainable process.
The biotech startup was founded by Vinod Kumar and Dr Ezhil Subbian in 2013. It creates sustainable solutions for diverse sectors.
The startup plans to use these funds to drive the market growth of its products and strengthen its decarbonisation impact. Apart, the startup has signed an agreement for strategic development with Woodside Energy.
Talking about the funding, The CEO of Woodside Energy Meg O’Neill said, “Investing in String Bio allows us to potentially reduce greenhouse gas emissions by converting carbon into useful products. Woodside’s facilities and third-party sites with biomethane supplies can use String Bio’s technology to recycle methane.”
The co-founder and managing director of String Bio, Vinod Kumar said, “The primary objective of our diverse product portfolio is to enable supply and establish demand. Providing carbon-friendly products to the global market will be enabled by the partnership with Woodside.”
Methane is used to manufacture high-quality ingredients via the String Integrated Methane Platform (SIMP), which is an IP-protected platform. In addition to synthetic biology, fermentation technology, chemistry, and process engineering, its platform leverages advances in all four areas.
Within the same sector, the startup competes with Bugworks Research, Zaara Biotech, and Immuneel Therapeutics.
As per a report, the biotechnology sector in India was estimated at $63 Bn in 2019, which is to reach $150 Bn by 2025 at a CAGR of 16.4%.
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