Bengaluru-based biotech and healthcare startup Fibroheal Woundcare has raised an undisclosed amount in a funding round led by the Karnataka government venture arm, Karnataka Information Technology Venture Capital Fund (KITVEN).
According to Fibroheal, The raised capital will be used to ramp up its manufacturing and delivery capabilities, and cater more widely to the market demand for its products.
Founded by Vivek Mishra, Bharat Tandon, and S Subramanian, the four-year-old startup uses the biomaterial property of silk and silk protein to provide wound care management for acute, chronic, surgical, and traumatic wounds.
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 the cost of treatment, which they can pass on to patients, thereby making healthcare affordable for everyone. Fibroheal Woundcare Pvt Ltd is a startup approved under Startup India and Startup Karanataka.
It has also been supported by DBT, Government of India, Center for cellular and molecular platforms (CCAMP) and Department of IT, BT and ST, Govt of Karnataka.
Speaking on the development, Vivek Mishra, Co-founder & CEO, said:
“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.”
“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.
Fibroheal counts the Department of Biotechnology, Telama Investments, and C-CAMP (Centre for Cellular and Molecular Platforms) as its existing backers.