The $20 million series B round of funding for the biotechnology business String Bio, located in India, has reached its first close.
Australian oil exploration and production business Woodside Energy Group provided the money to the startup. Investors from Dare Ventures, Redstart, Zenfold Ventures, and Ankur Capital participated in the first closure as well.
The business also engaged in a “strategic development” arrangement with Woodside Energy Technologies, a division of Woodside Energy Group, in addition to raising money.
The biotech firm, founded in 2013 by Ezhil Subbian and Vinod Kumar, has created a platform that transforms methane into several sustainable goods using technologies like fermentation and process engineering, among others.
Nutritional protein components and biodegradable polymer products are both available from String Bio. The business claimed to have five patents covering the technology it employs.
According to Traxcn, the biotech company raised about US $4.4 million from investors including Seventure Partners and Ankur Capital in prior rounds. Additionally, the Karnataka Startup Cell gave String Bio an unnamed award in 2017.
