Biotech startup Number 8 Bio bags $7 million to drive methane-busting mission
Number 8 Bio, a biotech company developing methane-reducing feed supplements for cattle, closed a $7 million funding round led by Horizons Ventures, the venture capital arm of Hong Kong billionaire Li Ka-shing. The company plans to use the funds to accelerate the development and commercialisation of its methane-busting technology.
Methane is a powerful greenhouse gas that contributes to climate change. Cattle are one of the main sources of methane emissions, accounting for about 14.5% of global emissions.
Number 8 Bio has developed a feed supplement that can reduce methane emissions from cattle by up to 99%. The supplement contains a blend of natural compounds that work to inhibit the production of methane in the cow's digestive system.
The company's technology has the potential to make a significant contribution to reducing greenhouse gas emissions from agriculture. If adopted widely, Number 8 Bio's supplement could help to reduce global methane emissions by up to 2.5%. This would have a significant impact on climate change, as methane is a much more potent greenhouse gas than carbon dioxide.
The $7 million funding round will allow Number 8 Bio to accelerate the development and commercialisation of its methane-busting technology. The company plans to use the funds to conduct further research, scale up production of its supplement, and launch commercial sales.
Comments