New and existing investors including Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures participated in the funding round. String will use the fresh capital to drive market growth for its products and strengthen its impact on decarbonization. It mainly manufactures raw materials for the animal nutrition, agriculture, human nutrition and personal care sectors that are obtained through a sustainable process.
String Raises $20 Mn
Biotech startup String has raised $20 million in its Series B funding round led by Woodside Energy, a subsidiary of global energy company Woodside Energy Group Ltd. New and existing investors including Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures participated in the funding round.
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String will use the fresh capital to drive market growth for its products and strengthen its decarbonization impact. Additionally, the startup also signed a strategic development agreement with Woodside Energy.
Commenting on the fundraising, Meg O’Neill, CEO of Woodside Energy, said Our investment in String Bio is based on our ability to potentially reduce greenhouse gases through the conversion of carbon into useful products. Bio’s technology could be used to recycle methane at the Woodside facility and also be deployed at third-party sites with available biomethane.
Founded in 2013 by Vinod Kumar and Dr. Ezhil Subbian, String Bio creates sustainable solutions for various sectors. It mainly manufactures raw materials for the animal nutrition, agriculture, human nutrition and personal care sectors that are obtained through a sustainable process.
Vinod Kumar, Co-Founder and CEO of String Bio, said Our fundamental ethos is to enable supply and set demand for our diverse portfolio of products. The partnership with Woodside will be a decisive milestone in enabling carbon-friendly products on the global market.
String runs an IP protected platform called the String Integrated Methane Platform SIMP, which manufactures high quality ingredients using methane. Its platform takes advantage of advances in synthetic biology, fermentation technology, chemistry, and process engineering.
In the biotech sector, String competes with companies like Bugworks Research, Zaara Biotech and Immuneel Therapeutics.
According to a report, the Indian biotech sector, which was estimated at $63 billion in 2019, will reach $150 billion in 2025 with a CAGR of 16.4%.
Currently, India has more than 2,700 biotech startups and more than 2,500 biotech companies working in the country, said Jitendra Singh, Union Minister of State for Science and Technology.
Recently, biotech startups such as Zaara Biotech, backed by Transcend International, Lightrock India-Bugworks Research, and Immuneel Therapeutics, run by Eight Roads Ventures, have secured funding.