Medtech startup Fibroheal Woundcare raised undisclosed funding from Karnataka Information Technology Venture Capital Fund (KITVEN) on 19 September 2021.
Investors: Karnataka Information Technology Venture Capital (KITVEN), venture fund arm of the Karnataka government, invests in the current round.
The objective behind the funding: The Bengaluru-based startup plans to deploy the proceeds to strengthen its manufacturing and delivery capabilities and cater more extensively to the market demand for its products.
About Fibroheal Woundcare
Founded in 2017 by Vivek Mishra, Bharat Tandon, and S Subramanian, Fibroheal Woundcare is a startup approved under Startup India and Startup Karnataka and working on leveraging biomaterial property of silk to innovate and develop the various biomedical application of silk proteins to address different healthcare needs. It provides its products in the following forms sheets, mesh, foams, powder, and particles. Fibroheal Woundcare is supported by Direct Benefit Transfer, Government of India, Center for cellular and molecular platforms (CCAMP) and Department of IT, BT and ST, Govt of Karnataka. The startup is also recognised by BIRAC.
What the Founder has to say:
Speaking on occasion, 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.”
What the Investor has to say:
“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. The founders of the company have vast experience, and there is immense scope and market for the products developed by the company,” commented KITVEN fund’s CEO, AR Jayakumar.
The startup aims to make healthcare affordable for everyone. The company’s products address non-healing, slow healing and challenging to heal acute and chronic wounds. The hospital industry in India is anticipated to grow at a CAGR of 16-17%. The GOI plans to increase public health spending to 2.5% of the country’s GDP by 2025.
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