Fibroheal Woundcare Pvt ltd, the first company from India to be leveraging the biomaterial property of silk and silk proteins has raised an undisclosed amount of funding from Karnataka Information Technology Venture Capital Fund (KITVEN Fund) – venture fund arm of the Karnataka Government. The company intends to scale up its manufacturing and delivery capabilities to cater to the enhanced demand from the market through this fundraising. The company has a comprehensive range of products including sheets, mesh, foams, powder, particles, etc, and they are already commercialized 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 a 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 a few applied for and is engaged actively with leading science institutes of the country including the likes of IISc (Indian Institute of Science) and various IITs and supporting a 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 utilizing a local resource “Silk” to develop a product in line with “Atmanirbhar Bharat” where utilizing local resources to build products of global standards.
The company was one of the winners of the prestigious ELEVATE 100, the flagship program of the Karnataka government, KITS in 2019 under the idea2POC program. It was followed by being the 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 the Department of IT, BT and ST, GOK have been of great support to us at every stage of our growth.
The company was also one of the winners of the “National Technology Award 2020” organized by the Technology development board, a statutory body under the department of science and technology, Govt of India.
The company received early support from BIRAC and the Department of Biotechnology and was also winners of the 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 Karnataka 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”.
The company says:
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 homegrown innovative quality products that can benefit the 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.