On July 11, biotech innovation startup String Bio reported closing the first round of its Series B round, raising a total of USD 20 million from investors including Woodside, Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures.
Additionally, the startup and Woodside Energy Technologies, a wholly-owned subsidiary of the multinational energy giant Woodside Energy Group, have engaged in a strategic development agreement (Woodside).
What the founders have to say:
Dr. Ezhil Subbian, Co-Founder and CEO of String Bio:
“The goal of String has been to use cutting-edge biotechnological developments to enable better life with a considerably smaller environmental impact. We are moving forward significantly in bringing such solutions to market — solutions that are better for people and the environment — with the Woodside collaboration and Series B funding.”
What the investors have to say:
Ankur Capital Managing Director Ritu Verma said:
“String is at the vanguard of reinventing the manufacture of everyday items and developing new ones through biotechnology.
As they take the next step in their journey to promote their products with like-minded partners worldwide and create the desired climate impact, Verma continued, “We are thrilled to deepen our commitment with them.”
The investment in String Bio expands on the promise to reduce greenhouse gasses by converting carbon into usable products, according to Meg O’Neill, CEO of Woodside Energy. “We think Woodside facilities may someday recycle methane using technology from String Bio. It might also be used at other locations with bio methane reserves, like farms and landfills.”
More about the startup:
In addition, Woodside Energy Technologies Pty Ltd, a wholly-owned subsidiary of Woodside Energy Group, and the company have struck a strategic development partnership for the manufacture of sustainable protein ingredients from greenhouse gasses, according to a statement from String Bio.
The startup transforms the energy in methane into various value-added products by utilizing developments in biology, fermentation technology, chemistry, and process engineering.
According to the company, products made possible by String’s platform include products for biodegradable polymers, new crop inputs, and protein components for dietary protein.
Methane absorbs around 27 times as much heat in the atmosphere as carbon dioxide (CO 2). According to the Intergovernmental Panel on Climate Change’s AR6 assessment, it is responsible for a third of global warming. One of the best options we have to slow the pace of global warming is to reduce methane emissions. Together, agriculture and the oil and gas sector are responsible for 70% of methane emissions, so allowing net-zero by 2050 may depend heavily on adopting developing technology.
The funding of this technology illustrates how the energy and biotechnology industries are promoting a technology that can help create a circular carbon economy in the quest for a more sustainable future.
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