Biotech innovation start-up String Bio on July 11 announced that it is raising $20 million in the first close of its Series B round from Woodside, Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures among others.
The start-up has also entered into a strategic development agreement with Woodside Energy Technologies, a wholly-owned subsidiary of global energy company Woodside Energy Group (Woodside).
String Bio has built a technology platform that leverages advances in biology, fermentation technology, chemistry and process engineering to convert the energy in methane into diverse value-added products. These products range from protein ingredients for nutrition, and innovative crop inputs, to products for biodegradable polymers.
“The vision for String has been to leverage cutting edge advances in biotechnology to enable better living at significantly reduced environmental footprint. With the Woodside collaboration and Series B raise, we are taking a giant step forward to bring such solutions to market – solutions that are better for people and the planet,” said Dr Ezhil Subbian, Co-Founder and CEO of String Bio.
Meg O’Neill, CEO of Woodside Energy added that the investment in String Bio builds on the 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 bio methane such as landfill facilities and farms,” O’Neill added.
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