Kul Bhushan · · 1 min readAustralia’s Woodside backs first close of $20m round of Indian biotech firm
India-based biotechnology company String Bio has announced the first close of its US$20 million series B round.
String Bio team / Photo credit: String Bio
The firm raised the funds from Woodside Energy Group, an Australian petroleum exploration and production company. The first close also saw participation from investors including Ankur Capital, Dare Ventures, Redstart, and Zenfold Ventures.
In addition to the fundraise, the company also entered into a “strategic development” agreement with Woodside Energy Technologies, a unit of Woodside Energy Group.
Founded in 2013 by Ezhil Subbian and Vinod Kumar, the biotech company has developed a platform that uses fermentation and process engineering, among other technologies, to convert methane into different sustainable products.
String Bio’s offerings include protein ingredients for nutrition as well as biodegradable polymer products. The company said it has acquired five patents for the technologies it uses.
Before the current fundraise, the biotech firm raised nearly US$4.4 million in different rounds from investors including Seventure Partners and Ankur Capital, according to Traxcn. String Bio also received an undisclosed grant from the Karnataka Startup Cell in 2017.
Editing by Deepti Sri and Joy Tirkey
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