SYNTHERA BIOMEDICAL SECURES SEED FUNDING
Venture Center startup – SynThera Biomedical Private Limited, which focuses on R&D, manufacture and commercialization of affordable biomaterials-based medical devices, has secured Rs. 2.1 Crore in seed funding investment from two investors – equity crowd-funding platform 1Crowd and the government’s Biotechnology Industry Research Assistance Council (BIRAC) SEED scheme via Venture Center. Nilay Lakhkar, CEO of SynThera will use the investments raised to move faster towards regulatory approvals, production and sales.
The company’s flagship products – SynOst™ and PoroSyn™ are synthetic bone graft substitute products made from bioactive glass materials. Both products are used in dental and orthopaedic surgeries as implantable materials for repair and regeneration of bone that is lost or damaged due to disease, injuries or congenital deformities. Through these products, SynThera aims to offer high-quality, innovative bone graft products at up to half the price of current imported products.
“SynThera has unique technology capabilities and intellectual property, and is uniquely positioned to provide valuable biomaterial solutions to dental and orthopaedic surgeons.”, said Dr. Premnath, Director, Venture Center.
More about the investors:
BIRAC is a not-for-profit Public Sector Enterprise, set up by Department of Biotechnology (DBT), Ministry of Science and Technology Government of India, to empower the emerging biotech industry to undertake strategic research and innovation. BIRAC’s SEED – Sustainable Entrepreneurship and Enterprise Development – scheme was set up to support life sciences start-ups, with a funding of up to Rs. 30 lakh.
1Crowd is an early stage investor and startup ecosystem with a unique co-investment lead equity crowdfunding platform and seed & early stage Fund. Launched in 2015 by a team of experienced bankers, the platform has invested in over 17 ventures.