Investors like BioAngels a unique partnership between IAN and BIRAC, And Colossa Ventures LLP bring domain expertise to help the power of India’s women’s economy
New Delhi: Serigen Medi products, an innovative medical products company with a pioneering portfolio of silk protein-based products, has successfully raised INR 5.8 crore funding in a seed funding round from BioAngels (powered by IAN and BIRAC) and Colossa Ventures. The lead investors from BioAngels powered by IAN include Uday Chatterjee, Sri Prakash, Rishabh Mehta, UmakantPanwar and Anirudh Agarwal. The round also witnessed participation from other prominent angel investors and experienced entrepreneurs, including Aadesh Harale, Anand Deshpande, Sanjay Dalmia, Shantanu Deshpande and Priti Rao.
The company will utilize the investment for business growth and rapidly scaling its manufacturing and sales verticals. SerigenMediproducts further intends to use the investment for team expansion and strengthening its intellectual property portfolio.
SerigenMediproducts uses a natural biomaterial, silk, to develop path-breaking tissue regeneration products. This platform technology is protected via patents, and the startup leverages it to develop products for orthopaedics, breast cancer and advanced wound care.
Founded by a team of seasoned biomedical technology developers and experienced scientists, Serigen Mediproducts is the world’s first company to do a clinical trial using silk for bone repair. It is ISO 13485 certified and has also secured all regulatory (CDSCO) approvals for manufacturing and sales of its advanced wound care product – Seriderm, which has demonstrated excellent clinical outcomes in diabetic foot ulcers.
Speaking on the same, Dr. Manish Diwan, BIRAC, said, “The sole mission of BioAngels is to connect angels, early-stage VCs and HNIs with biotech and healthcare companies for funding and value-added business mentoring. With its patented innovation, great team and exceptional products, the company is on the path of rapid growth and development. We extend our best wishes to the team and are looking forward to supporting them in all ways possible.”
The lead investors, BioAngels powered by IAN, further added, “We are delighted to work with Serigen, an innovative biotech startup doing path-breaking work, in the area of tissue regeneration using natural silk proteins. Serigen being a woman led company is a matter of both joy and pride to us. We believe Serigen represents a new trend in biotech innovation in India, and we are happy to be a part of their journey.”
Ms. AshuSuyash, Founder and CEO, Colossa Ventures and ex-MD of CRISIL said, “The astute team of SerigenMediproducts has created an outstanding nextgen tissue regeneration platform technology powered by silk. This platform is versatile and has the potential to be deployed across several medical fields. We are confident the company will deliver excellent clinical outcomes and patient satisfaction in the coming times. We look forward to supporting their development and being a part of their growth journey.”
Dr. AnuyaNisal, Founder and CEO, SerigenMediproducts, said, “At SerigenMediproducts, we envision growing into a global medical products company in the times to come. We are grateful to BioAngels, Colossa Ventures and other key angel investors, who trusted us and partnered with us. With the investment received in this round, we look forward to scaling our business, expanding our team, strengthening our intellectual property portfolio and focusing on product development.”
The Indian medtech industry is projected to grow at a CAGR of 37% from 2020 to 2025 to touch $50 billion within the forecast period. The sector is still in its nascent stages but is expected to grow significantly in the future because of the rising aging population, government’s support, increasing health insurance penetration and growing medical tourism. SerigenMediproducts intends to bridge the gaps existing in the market and reduce the market’s dependence on foreign companies. The company envisions becoming a global player in the coming times.
