A Brisbane start-up that makes probiotics to help cattle put on weight and cut down on the methane they produce through burps and farts has raised $3.4 million from investors, as it takes on firms backed by billionaires Bill Gates and Andrew Forrest.

Bovotica – which was founded by researchers from the Queensland University of Technology and is chaired by Jason Strong, the former chief executive of AACo and Meat & Livestock Australia – is valued at $9.4 million after the oversubscribed raising.