The high-powered jury initially shortlisted biotech startup String Bio along with Info Edge Ventures-backed Brainsight AI, which is building an advanced software system that can create a map of the human brain, tracking signals exchanged between different parts of the brain.
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ETtechAfter two rounds of secret voting and lengthy discussions, the jury veered towards String Bio, which they said was at the cusp of demonstrating success, having made their technology work on a smaller scale. The jury panel felt the company has successfully converted environmentally harmful gases into end products consumable by animals, plants and humans.
“My belief is that they have taken a very complex, large problem and have been at it for a very long time. If they get this right, they will disrupt the pricing for the animal feed industry… they have shown their tech works on a small scale and now they are going big, which requires partnerships with feed companies, carbon supply companies,” one of the jurors remarked.
At the heart of String Bio’s business, Vinod Kumar and his co-founder and life partner Dr Ezhil Subbian are using fermentation to reduce harmful gases from the environment. “We took a bold bet nine years back to build technology that can enable global transition to a low carbon economy. Being recognised by the ET Startup Awards jury as a top innovator with a scalable, market-relevant innovation is a fantastic validation of the technology and the team,” Kumar said.
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Having returned to India after 15 years in the US, the couple decided to build massive fermenters that could convert methane and other harmful gases into biomass at an industrial scale. This biomass can then be converted into animal and plant feed and be fit for human consumption. Fermenters are enclosed and sterilised vessels that maintain optimal conditions to carry out the process of fermentation.
The Bengaluru-based startup, which was founded in 2013, is now planning to commission a 35 kilolitre fermenter and in four years, the plant will be able to produce enough biomass to help String Bio generate an annual revenue run rate of $65-70 million. The company caters to both business-to-business (B2B) and the business-to-consumer (B2C) segments. It works with agro distributors to sell its plant feed, which can be used in paddy cultivation.
Interestingly, the produce, which can be used as animal feed and plant feed, can also be tweaked to make it fit for human consumption. This opens up opportunities for the company in the burgeoning nutraceuticals industry as well.
“Broadly, I have tried to differentiate between innovation and applied innovation—as in innovation that can actually be applied to commercialisation. String Bio stands out in that it has commercialised, has customers and revenues. That’s the lens I’m looking at it from,” another jury member said.
In July last year, String Bio closed a $20 million fundraise from Ankur Capital, Info Edge subsidiary RedStart Labs and others.
Other top contenders:
Zero Cow Factory
ETtechZero Cow Factory cofounders Sohil Kapadia and Parini Kapadia
Zero Cow Factory creates A2 Beta Casein, an important protein molecule needed to make milk from synthetic sources. The firm has identified the DNA code that produces beta casein in cows, and inserts this DNA code into microorganisms that are grown in a precision fermentation chamber.
GalaxEye
ETtechGalaxEye builds satellites that capture multi-sensor imaging data, which can combine both multispectral images and synthetic aperture radar images into intuitive imagery. The company has finalised an MoU with ISRO and expects to launch its first satellite at the end of 2023.
Brainsight AI
ETtech(From left) Brainsight AI founders Rimjhim Agrawal and Laina Emmanue
Brainsight AI’s advanced software system can create a map of the human brain, tracking signals exchanged between different parts of the brain. This helps doctors analyse their patients better and treat them more efficiently.
Newtrace
ETtech(From left) Newtrace founders Rochan Sinha and Prasanta Sarkar
Newtrace has created electrolysers that can manufacture green hydrogen. It sets the electrolysers up at large industrial complexes. To cut costs, these devices use locally sourced metal components, run on normal water, and do not require expensive membranes to separate gases.