String Bio Secures $20 Million from Investors

Published on: 11 July 2022
by KnowESG
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Biotechnology firm String Bio announced that it raised USD 20 million from investors, including Woodside Energy Group, Ankur Capital, Dart Ventures, Redstart, and Zenfold Ventures.

String Bio also announced the signing of a strategic development agreement with Woodside Energy Technologies Pty Ltd, a wholly-owned subsidiary of Woodside Energy Group, for producing sustainable protein ingredients from greenhouse gases. 

The company uses innovations in biology, fermentation technology, chemistry, and process engineering to turn methane's energy into a variety of products with added value.

According to the company, items enabled by String's platform include protein components for nutrition, new crop inputs, and biodegradable polymer solutions. In Bengaluru, India, String established its first gas fermentation unit that operates 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.

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."

Vinod Kumar, co-founder and managing director of String Bio, stated that the relationship with Woodside would be a defining moment in the global market for carbon-friendly products. 

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

Source: Plunge

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