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Medtech Serigen raises Rs 5.8 crore from BioAngels, Colossa Ventures and other angel investors

The start-up will utilize the capital to develop its product portfolio, expand its team and strengthen its intellectual property

Medtech Serigen raises Rs 5.8 crore from BioAngels, Colossa Ventures and other angel investors

Outlook Start-Up Desk

POSTED ON March 29, 2023 11:54 AM

Serigen Mediproducts, a medical products company with a portfolio of silk protein-based products, has raised Rs 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 angel investors, including Persistent Systems CMD Anand Deshpande, Chairman of Dalmia Group Sanjay Dalmia, Bombay Shaving Company’s founder Shantanu Deshpande and Mastek’s non-executive director Priti Rao. 

The Pune-based start-up will utilize the investment for business growth and rapid scaling of its manufacturing and sales verticals. It intends to use it for team expansion and strengthening its intellectual property portfolio.

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.” 

Ashu Suyash, founder and CEO of 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.

"Serigen Mediproducts’ technology, which uses natural biomaterial silk, is protected via patents to develop tissue regeneration products. The medtech start-up leverages it to develop products for orthopaedics, breast cancer and advanced wound care. 

Founded by a team of biomedical technology developers and scientists—Dr Anuya Nisal, Premnath Venugopalan and Swati Shukla—Serigen Mediproducts claims to be the world’s first company to do a clinical trial using silk for bone repair. It is ISO 13485 certified and has also secured regulatory CDSCO approvals for manufacturing and sales of its advanced wound care product – Seriderm to treat diabetic foot ulcers.

The Indian medtech industry is projected to grow at a CAGR of 37 per cent from 2020 to 2025 to touch $50 billion within the forecast period. The sector is still in its nascent stages and is expected to grow significantly because of the rising aging population, governmental support, increasing health insurance penetration and growing medical tourism. 

Incubated at Pune’s Venture Center and founded in 2015, Serigen Mediproducts intends to bridge the gaps existing in the market and reduce the market’s dependence on foreign companies. It is a spin-off company of CSIR-National Chemical Laboratory, a materials and chemicals research institute. 

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