String Bio, a Bengaluru-based biotech startup has raised an undisclosed amount of funding from a clutch of investors including Ankur Capital. While, other investors include Oil and Natural Gas Corporation Limited (ONGC), French investor Seventure Partners, Karnataka’s Information and Biotechnology Venture Fund (KITVEN), and Srinivasa Hatcheries.
The funds raised will be used to develop alternate proteins for global feed and food companies.
Vinod Kumar, co-founder of String Bio said that the funding will take the startup closer to a full commercial roll-out.
Established in 2012 by Ezhil Subbian and Vinod Kumar, the startup leverages biotechnology to produce feed and food ingredients. Its first product String Pro is also sustainable and environment-friendly and produces protein for animal feed.
The startup uses SIMP (String Integrated Methane Platform), its proprietary platform and leverages the advances in synthetic biology, fermentation technology, chemistry and process engineering.
While, the startup stated,“Protein is a significant source of energy and there is a growing gap in worldwide protein supply. By 2050, 70 percent of the world’s population is expected to be in urban areas leading to rise in meat consumption. And the existing protein sources in the market are both constrained by climate variability and availability of land and water.”
Its goal is to create robust, cradle-to-cradle solutions to address environmental challenges and climate, added the company.
Isabelle de Cremoux, CEO and Managing Partner at Seventure Partners, said,“The disruptive approach they have developed to supply qualitative feed ingredients while giving value to one of the most powerful greenhouse gases is of high-value to address the urgent need for alternative sources of protein.”
The World Economic Forum estimates that by 2050, global food systems will have to meet the dietary demands of more than 10 billion people.
Other notable biotech startups in India includes Aakar Innovation, Achira Labs, Consure Medical, Curadev Pharma, Forus Health Care and many others.