- BioAngels Network “BioAngels” to combine governmental support and private angel investments in a dynamic synergy
- To facilitate early-stage private capital to accelerate the growth of startups operating in biotech, medtech, agritech, water & sanitation cleantech, etc.
In a bid to unlock the immense potential of Indian biotech, BIRAC , in partnership with Indian Angel Network (IAN), has announced the launch of BioAngels Network “BioAngels” at the Global Bio India 2019. The platform aims to be the single largest national platform for biotech angel investing.
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IAN BIRAC - BiAN Launch Release[/caption]The announcement comes at a crucial juncture for the Indian biotechnology industry which is being driven by a level of dynamism that only a few other sectors have been able to achieve globally. Over the last decade, Biotechnology Industry Research Assistance Council (BIRAC), a non- for profit Public Sector Enterprise, has led the industry to cross multiple milestones. Worth USD 50 billion in 2018, the Indian bio-economy currently comprises over 600 + core biotech companies as well as 2700+ startups, accounting for a 3% share in the global biotechnology industry.
The merging synergies of the country’s largest angel network and the innovation-focused industry-academia interface supported by the government are set to bring about the much-needed transformation by triggering the sector’s next phase of evolution.
By combining the power of regulatory vision and angel investment, such initiatives aims to strengthen assist BIRAC in accelerating the growth of the Indian bioeconomy, enabling it to surpass USD 100 billion by 2025. The first-of-its-kind focused funding program will accomplish this by facilitating budding innovators with access to capital, mentorship, and growth opportunities.
“We are extremely delighted to collaborate with BIRAC to set up India’s first BioAngels Network “BioAngels” powered by IAN. Through this institution, our aim is to provide a leg up to innovators who are dedicated to resolving critical pain points in the country’s healthcare ecosystem. BioAngels will also enable us to leverage the domain expertise of leading investors outside of IAN who are supporting biotech ventures across sub-verticals including medtech, agritech/irrigation, water & sanitation cleantech, among others. With their help, we will be able to build a pipeline of well-curated and diligenced deal flow for our members.” said Digvijay Singh, COO, IAN.
Dr. Manish Diwan, Head- Strategic Partnership & Entrepreneurship Development, BIRAC commented, “Biotech start-ups are focused on creating a transformational impact in India before they disrupt global markets. They hold the key to unlocking a healthier, tech-driven future for India along with the unparalleled potential of digital healthcare. As an ecosystem enabler committed to seeding and breeding Indian innovators in this space, we are pleased to create a unique opportunity to mobilize equity investments for start-ups in this sector. IAN would facilitate greater growth opportunities to biotech startups on the back of early-stage private capital.”
Such a consortorium of 50 + Angels, HNI’s, Early Stage VCs, will enable us to bolster our strategies by integrating invaluable insights of industry leaders. The Network’s reach and strong industry connect will also help us to support biotech startups across wider geographies,” he added.
Anchored by IAN, the initiative will be driven by a robust operational focus, frameworks, processes, and governance, and powered by an inclusive group of ecosystem stakeholders. These include HNIs, angel investors, family offices, strategic investors, corporates, and VCs. The platform will facilitate the expansion of BIRAC’s empowering policies, mentoring, and market access to biotech innovators across India and overseas.
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 11 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
Indian Angel Network has been a pioneer in the seed and early-stage investing. It has now launched a ₹450 Crores VC fund making it now, the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co-investors), thus making IAN the platform of choice!
About BIRAC:
Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, set up by Department of Biotechnology (DBT) under Ministry of Science & Technology, Government of India as an interface agency to strengthen and empower the emerging biotech enterprises to undertake strategic research and innovation, addressing high unmet need through development of globally competent affordable product and technologies.
BIRAC is playing a transformative and catalytic role in nurturing Biotech Innovation Ecosystem in the country towards building $100 Billion Bio- economy by 2025.
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