BioTech Innovator String Bio Raises $20 Mn in 1st Close of Series B from Woodside Energy, Ankur Capital, Others
Summary
New and existing investors including Ankur Capital, Dare Ventures, Redstart, Zenfold Ventures and others have joined the first close of US$20 million of the Series B raise.According to the Intergovernmental Panel on Climate Changes AR6 report, methane traps around 27 times the amount of heat in the atmosphere as carbon dioxide (CO 2 ) and is responsible for a third of the global warming. Agriculture and the Oil & Gas industry together account for 70% of methane emissions and adoption of emerging technologies can be critical to enabling net zero by 2050. Our investment in String Bio builds on our ability to potentially abate greenhouse gases through the conversion of carbon into useful products. The partnership with Woodside will be a defining milestone to enable carbon-friendly products in the global marketplace.Speaking on the development, Dr. Ezhil Subbian, Co-Founder & CEO, String Bio said The vision for String has been to leverage cutting edge advances in biotechnology to enable better living at significantly reduced environmental footprint. String sits at the forefront of this and we are excited to deepen our investment with them as they enter the next step of their journey to bring their products to market with like minded partners across the globe and drive the climate impact they envision.