String Bio bags USD 20 million to reinforce its decarbonization drive
Author : Saipriya Iyer | Published Date : 2022-07-13
- The start-up specializes in transforming the energy in methane into a variety of value-added products.
- String Bio has also joined hands with Woodside Energy Group’s wholly-owned subsidiary.
Biotech startup String Bio has reportedly raised USD 20 million in funding from Ankur Capitals, Dare Ventures, Woodside Energy Group, and Zenfold Ventures. In addition, Woodside Energy Technologies Pty Ltd., and String Bio have formed a strategic development partnership for manufacturing natural protein ingredients from greenhouse gases.
The start-up specializes in transforming the energy in methane into a variety of value-added products by leveraging innovations in biology, chemistry, fermentation technology, and process engineering.
Products enabled through String Bio's platform include innovative crop inputs, products for biodegradable polymers, and protein additives for nutrition. It is also worth noting that Bengaluru is home to the company’s first multipurpose gas fermentation factory that can function on methane from both biogas and natural gas.
According to String Bio, the fresh investment and collaboration will enable the firm to further drive the market expansion of its products and improve its decarbonization efforts.
Meg O'Neill, the CEO of Woodside Energy, commented on the funding, stating that it strengthens Woodside's potential to reduce greenhouse gases by converting carbon into usable products. Woodside facilities may also recycle methane using the technology from String Bio someday. It might also be used in locations where biomethane is plentiful, such as farms and landfills, the CEO added.
Vinod Kumar, the Managing Director of String Bio, said the partnership with Woodside will be a significant turning point for the introduction of carbon-friendly products into the worldwide market.
Ritu Verma, the Managing Director of Ankur Capital, stated that the organization is pleased to extend its investment with String Bio to bring its products to market with compatible partners across the globe and reinforce the climate impact.
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Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- saipriya.i@fractovia.org | https://twitter.com/saipriya_i
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