[Funding alert] Medtech startup Fibroheal Woundcare raises investment from Karnataka govt's venture fund
Medtech startupsaid it has raised undisclosed funding from the venture fund arm of the Karnataka government, Karnataka Information Technology Venture Capital Fund (KITVEN).
The startup said it intends to use the funds to ramp up its manufacturing and delivery capabilities, and cater more widely to the market demand for its products.
Founded in 2017 by Vivek Mishra, Bharat Tandon, and S Subramanian, Fibroheal Woundcare uses the biomaterial property of silk and silk protein to provide wound care management for acute, chronic, surgical, and traumatic wounds. Its products include sheets, mesh, foams, powder, and particles.
"Having KITVEN on board brings a lot of value to us with respect to their connections and networks. Karnataka is the largest producer of silk and if non-textile biomaterial application gains attention, it can have an economic multiplier effect for silk growing farmers, hospitals, and generating employment," said Vivek in a press release.
Fibroheal owns a couple of patents for its technology, and has applied for more. It raised funding from its existing promoters, including Telama Investments and CCAMP (Centre for Cellular and Molecular Platforms), in its previous round.
The startup also received early support from BIRAC and the Department of Biotechnology.
"Fibroheal has some unique innovative products which are biodegradable and environment friendly. Further, the products of the company aid in healing the wounds at a faster pace compared to the existing products available in the market," said KITVEN fund's CEO, AR Jayakumar.
"The founders of the company have vast experience, and there is immense scope and market for the products developed by the company," he added.
Bengaluru-based Fibroheal works with silk farmers across the country, collecting broken or cut cocoons that otherwise would have gone to waste. Using silk proteins helps hospitals reduce their cost of treatment, which they can pass on to patients, thereby making healthcare affordable for everyone.
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Edited by Kanishk Singh