Fibroheal Woundcare Pvt ltd, the first company from India to be leveraging the biomaterial property of silk and silk proteins has raised undisclosed amount of funding from Karnataka Information Technology Venture Capital Fund (KITVEN Fund) – venture fund arm of Karnataka Government. The company intends to scale up its manufacturing and delivery capabilities to cater to the enhanced demand from the market through this fund raise. The company has a comprehensive range of products including sheets, mesh, foams, powder, particles etc and they are already commercialised so far in the market.
Fibroheal Woundcare Pvt ltd was started in April 2017 by Vivek Mishra, Bharat Tandon and S Subramanian with an aspiration to create research driven comprehensive wound management company catering to different stages of wound healing including acute wounds, chronic wounds, surgical wounds, traumatic wounds etc.
The company has few patents in hand and few applied for and is engaged actively with leading science institutes of the country including likes of IISc (Indian Institute of Science) and various IITs and supporting lot of students in the process while bringing down the barrier of industry-academia connect. Fibroheal woundcare is well respected in the medical fraternity for their innovation utilising a local resource “Silk” to develop a product in line with “Atmanirbhar Bharat” where utilising local resource to build products of global standards.
The company was one of the winners of prestigious ELEVATE 100, flagship program of Karnataka government, KITS in 2019 under idea2POC program. It was followed by being winner of “Start-up of the year” in 2020 under smart bio awards during Bengaluru Tech Summit 2020. Fibroheal Woundcare Pvt Ltd was also one of the finalists of “National Start-up Awards 2020”. Karnataka Government, KITS and Department of IT, BT and ST, GOK has been of great support to us at every stage of our growth.
The company was also one of the winners of “National Technology Award 2020” organised by Technology development board, a statutory body under department of science and technology, Govt of India.
The company received early support from BIRAC and Department of Biotechnology and was also winners of LEAP program of BIRAC and CCAMP (Centre for cellular and molecular platforms) is a shareholder in Fibroheal Woundcare Pvt Ltd. Technology development board, Startup India and Startup Karntaka has been of great support to Fibroheal all these years and they received adequate support from Centre for Cellular and Molecular platforms, Bangalore Bio innovation Centre, during initial days related to various technical support and doing various studies.
The company has previously raised money from existing promoters, Telama Investments, CCAMP.
The company has made some meaningful collaborations to take the products to major cities across the country.
Fibroheal Woundcare Pvt Ltd works across the value chain of silk growing farmers and have the potential to become an economic multiplier and it fits well with the Vision “Vocal for Local” and “Using local and taking it global”.
1) We use cut / broken cocoons which are grown by farmers and if this industry picks up, it can be an added gain for Silk growing farmers.
2) The cost of treatment will come down for patients, hospitals and home grown innovative quality products can benefit masses.
3) Scope of employment generation is much high and we have already demonstrated since surgeons prefer our range of products as they have seen the benefit of using our range of products derived from Silk.
The CEO Fibroheal Woundcare Pvt Ltd Mr. Vivek Mishra informed that having KITVEN on board brings lot of value to us with respect to their connects and networks. Karnataka is the largest producer of Silk and if non textile biomaterial application gains attention, it can have economic multiplier effect whether silk growing farmers, treating hospitals and generating employments. We have a comprehensive product range addressing to different stages of wounds and there is a huge opportunity lying ahead of us to make a huge impact the way wounds are treated. We were lucky to get support of Karnataka Government, Dept of IT, BT and ST at every step. Karnataka Government is doing its best to support biotech innovation and we are thankful to them to get their support at every stages including this recent funding support from Karnataka IT venture Fund (KITVEN).
The CEO KITVEN Fund Mr.A R Jayakumar informed that, being an early stage investor to many Bio tech companies from its KITVEN – 3(Bio-tech) fund found that Fibroheal has some unique innovative products which are bio degradable an environment friendly. Further, the products of the company aids in healing the wounds at a faster pace compared to the existing products available in the market. The Founders of the Company have vast experience and there is immense scope and market for the products developed by the company. We are excited to be part of the company’s growth journey.