Methane reducing tech startup Number 8 Bio raises $7m
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The news: Number 8 Bio, a company developing innovative technology to reduce methane emissions from livestock has announced a raise of $7 million.
The numbers: The investment is part of a funding round led by Main Sequence Ventures, The March Group and Breakthrough Victoria, which invested $1.7 million.
Number 8 Bio's technology, called 'Performance Digestion', claims to reduce methane emissions from cattle by up to 90% though feed additives while also improving feed efficiency.
Livestock are responsible for up to 15% of global greenhouse gas emissions, with methane being 80 times more effective at trapping heat in the atmosphere than carbon dioxide over a 20-year period.
The context: As global demand for meat and dairy products increases, there is growing pressure to make livestock farming more sustainable.
The company is also exploring ways to expand its core technology to enhance the profitability of fermentation processes.
What they said: Chief executive and co-founder of Number 8 Bio, Tom Williams said: "This funding will play a pivotal role in accelerating our product development, scaling up our state-of-the-art manufacturing facility, and helping us forge key commercial partnerships critical to our growth and success in the market".
The source: Breakthrough Victoria media release
