Serigen Mediproducts is an innovative medical products company developing nextgen tissue repair solutions. The startup will utilize the funding for development of its product portfolio, team expansion and for strengthening its intellectual property portfolio.
Investors like, BioAngelsa unique partnership between IAN and BIRAC, And Colossa Ventures LLP bring domain expertise and to help the power of India’s women economy
Serigen Mediproducts, 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, Umakant Panwar 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 rapid scaling of its manufacturing and sales verticals. Serigen Mediproducts further intends to use the investment for team expansion and strengthening its intellectual property portfolio.
Serigen Mediproducts 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 orthopedics, 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. Ashu Suyash, Founder and CEO, Colossa Ventures and ex-MD of CRISIL said, “The astute team of Serigen Mediproducts 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. Anuya Nisal, Founder and CEO, Serigen Mediproducts, said, “At Serigen Mediproducts, 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. Serigen Mediproducts 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.
About Serigen
Serigen was established in 2015 with a mission to develop innovative, high-quality tissue repair products. It is a spin-off company of CSIR-National Chemical Laboratory, India’s premier materials and chemicals research institute.
Serigen is led by a stellar team of founders (Anuya Nisal, Premnath Venugopalan and Swati Shukla) with academic backgrounds from premier materials research institutes like Indian Institute of Technology - Powai, Massachusetts Institute of Technology, USA and University of Delaware, USA. The team has a proven track record of development of biomaterials for medical devices, that have been commercial successes and have been implanted in more than ten million patients globally.
Serigen was incubated at Venture Center, Pune, India’s largest science and technology business incubator. Serigen technology has been veted by national experts and Serigen is the recipient of prestigious and competitive government grants from BIRAC. Serigen and the founders have been recognized by several national/international awards including National award in “Polymers in Public Healthcare Category” from Department of Chemicals and Petrochemicals, GoI, National Winner Empower TiE Women Global competition 2021, Indian National Academy of Engineering – Young Entrepreneur Award 2020 and Leaders in Innovation Fellowship from Royal Academy of Engineering, UK.
BioAngels is India’s first sector focused Angel Investor group and perhaps the world’s first angel group in partnership with a government body. It is a unique partnership between BIRAC, an enterprise of the Department of Biotechnology, and IAN, India’s single largest horizontal platform for seed / early-stage investing, focused on Biotech, Medtech, Healthtech, Pharma, Agritech, Cleantech startups. BioAngels brings the first external cheque from Industry leaders and domain experts with cheque sizes of up to INR 10 Cr. BioAngels brings Money, Mentoring, and Global Market Access. It provides Angel Investors, Family Offices, Micro VCs, Corporates and Early-Stage VC Funds, an opportunity to invest in high quality fast growth companies for Alpha returns.
Colossa Ventures LLP is an investments ecosystem aimed at unleashing the power of India’s women economy one venture at a time. Using the power of 3 Cs – capital, capability and confidence, Colossa will look to invest in ‘women-first’ businesses that are disrupting the status quo and shaping the future. Colossa’s vision is to create a 10x difference by investing in the growth stage of purpose led, high quality, fast growing, innovative, women-centric businesses, while creating long term value for investors and building an equally powered sustainable world.
BioAngels is India’s first sector focused Angel Investor group and perhaps the world’s first angel group in partnership with a government body. It is a unique partnership between BIRAC, an enterprise of the Department of Biotechnology, and IAN, India’s single largest horizontal platform for seed / early-stage investing, focused on Biotech, Medtech, Healthtech, Pharma, Agritech, Cleantech startups. BioAngels brings the first external cheque from Industry leaders and domain experts with cheque sizes of up to INR 10 Cr. BioAngels brings Money, Mentoring, and Global Market Access. It provides Angel Investors, Family Offices, Micro VCs, Corporates and Early-Stage VC Funds, an opportunity to invest in high quality fast growth companies for Alpha returns.
Colossa Ventures LLP is an investments ecosystem aimed at unleashing the power of India’s women economy one venture at a time. Using the power of 3 Cs – capital, capability and confidence, Colossa will look to invest in ‘women-first’ businesses that are disrupting the status quo and shaping the future. Colossa’s vision is to create a 10x difference by investing in the growth stage of purpose led, high quality, fast growing, innovative, women-centric businesses, while creating long term value for investors and building an equally powered sustainable world.
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