String Bio has secured funding of $20 million from Woodside Energy Group, and others. The biotech startup has also signed a deal with a subsidiary of Woodside Energy Group.
String Bio, a biotech startup, announced on Monday that it has received $20 million in investment from Woodside Energy Group, Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures.
String Bio also announced that it has inked a strategic development deal with Woodside Energy Technologies Pty Ltd, a wholly-owned arm of Woodside Energy Group, for the manufacturing of sustainable protein ingredients from greenhouse gases.
The company uses innovations in biology, fermentation technology, chemistry, and process engineering to transform methane energy into a variety of value-added goods.
String’s platform enables items ranging from protein components for nutrition to new agricultural inputs and biodegradable polymer materials. It has its first multi-purpose gas fermentation facility in Bengaluru, which can run on both natural gas and biogas methane.
“The latest investment and partnership will enable String to further promote product market expansion and increase its decarbonisation effect,” according to the announcement.
Woodside Energy CEO Meg O’Neill commented on the expenditure, saying that the investment in String Bio expands Woodside’s capabilities to possibly reduce greenhouse gas emissions through the conversion of carbon into valuable goods.
She continued, “String Bio’s technology, we believe, might someday be utilized to recycle methane at Woodside sites. It might also be used at third-party sites that have accessible biomethane, such as landfills and farms.”
String Bio co-founder and managing director Vinod Kumar stated that the collaboration with Woodside will be a watershed moment in enabling carbon-friendly products in the global marketplace.
Ritu Verma, managing director of Ankur Capital, said.
“We are pleased to extend our investment with them in order to bring their goods to market with like-minded partners throughout the world and generate the climate impact they foresee.”