Pune-based healthcare startup SynThera Biomedical Private Limited, which focuses on R&D, manufacture and commercialization of affordable biomaterials-based medical devices, has secured an undisclosed amount of 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, an inventive enterprises incubator hosted by CSIR-National Chemical Laboratory, Pune.
Founded in 2015 by Dr.Nilay Lakhkar, SynThera Biomedical aims to become India’s first and foremost company to indigenously research, develop, manufacture and commercialize bioactive and other specialty glass and ceramic products for healthcare and other sectors.
The funding will help startup to achieve expansion, approvals and launch of our first line of bone graft substitute products in the market, together with further development and testing on our patented bone graft product line, according to Nilay Lakhkar, founder and chief executive of SynThera Biomedical, said.
SunThera has two flagship products – SynOst and PoroSyn, that are synthetic bone graft substitute products made from bio-active glass materials. Both products can be 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.
SynOst will be launched by December 2018 and PoroSyn by May 2019.
“SynThera is an innovative biomaterial sciences company, with patented technology, which we believe can address a global opportunity through an array of technology lead products. 1Crowd seeks to invest in ventures that are at the cusp of knowledge and technology, and SynThera is a fine example of that. With investments in over 17 startups, 1Crowd has built an ecosystem, that startups such as SynThera can leverage, which includes an investor community, a mentorship panel and industry connects.” Said Anil Gudibande, co-founder of 1Crowd.
“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. The investments raised by Venture Center’s incubatee company SynThera will enable it to move faster towards regulatory approvals, production and sales. SynThera has unique technology capabilities and intellectual property, and will be the first bioactive glass company from India. It will be uniquely positioned to provide valuable biomaterial solutions to dental and orthopaedic surgeons.”, said Dr. Premnath, Director, Venture Center, the incubator that supports SynThera Biomedical.
It must also be recalled that Government of India and the World Bank have recently signed a $125 million loan agreement to support India in developing an innovative bio-pharmaceutical and medical devices industry, and in this agreement is supporting Biotechnology Industry Research Assistance Program — BIRAC — by providing the ingredients that are currently missing in India’s biopharma innovation ecosystem.
Speaking about 1Crowd, it is an angel investment platform focused on early stage ventures. In March, 1Crowd made investment in Karma Healthcare, a Rajasthan-based health-tech startup.
Launched in 2015, 1Crowd has announced its first close of debut venture capital fund at INR 23 crore (USD 3.5 million), in March this year.