Fibroheal raises debt funding from BIRAC
The company intends to scale up its go-to-market capabilities, recruit more people on board and create an impact through the economic multiplier potential of silk protein and healing different types of acute, chronic, non healing, slow healing, difficult-to-heal wounds, including post-operative wounds
Fibroheal Woundcare has raised a venture debt funding of about $1 million (about Rs 7 crores) from Biotechnology Industry Research Assistance Council (BIRAC) under their PCP Fund (Product Commercialisation Fund) and the existing promoters and investors.
The company intends to scale up its go-to-market capabilities, recruit more people on board and create an impact through the economic multiplier potential of silk protein and healing different types of acute, chronic, non-healing, slow healing, difficult-to-heal wounds including post-operative wounds. The company has a range of products catering to different types and stages of wounds which include sheets, mesh, foams, powder, particles and range of adhesive dressings which are already commercialised so far in the market under the umbrella brand of “D FIBROHEAL range.”
The company received early support from BIRAC and the Department of Biotechnology (DBT) and was also winner of LEAP programme of BIRAC and got investment through CCAMP (Centre for Cellular and Molecular Platforms). Earlier, in September 2021, KITVEN – Karnataka IT Venture Fund, the venture capital arm of Karnataka government has also made an investment of undisclosed amount to ramp up its manufacturing capabilities to cater to the increased expected demands from the market. They previously raised money from the existing promoters, Telama Investments, CCAMP and KITVEN.
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