Serigen Mediproducts raises Rs 5.8 crore in seed funding round

New Delhi: Serigen Mediproducts, a company that offers a range of medical products using silk protein, has secured a seed funding round of Rs 5.8 crore from Colossa Ventures and BioAngels (supported by IAN and BIRAC).

Pune based company plans to use the seed funding to grow its business and rapidly scale its manufacturing and sales operations. The company aims to expand its team and strengthen its intellectual property portfolio.

In addition to Colossa Ventures, Serigen Mediproducts‘ seed funding round also saw participation from several angel investors. This includes a group of lead investors from BioAngels powered by IAN, such as Uday Chatterjee, Sri Prakash, Rishabh Mehta, Umakant Panwar, and Anirudh Agarwal. Other angel investors who joined the round include Anand Deshpande, the CMD of Persistent Systems, Sanjay Dalmia, the Chairman of Dalmia Group, Shantanu Deshpande, the founder of Bombay Shaving Company, and Priti Rao, the non-executive director of Mastek.

According to Ashu Suyash, founder and CEO of Colossa Ventures and ex-MD of CRISIL, Serigen Mediproducts has an exceptional next-gen tissue regeneration platform technology powered by silk. “The technology is versatile and has the potential to be used in multiple medical fields. The company’s patented technology uses natural biomaterial silk to develop tissue regeneration products for orthopaedics, breast cancer, and advanced wound care. Suyash expressed confidence that the company will provide excellent clinical outcomes and patient satisfaction in the future.”

Serigen Mediproducts, which develops medical products using silk-based biomaterials, was established by a group of biomedical technology experts and researchers, including Dr Anuya Nisal, Premnath Venugopalan, and Swati Shukla. The firm asserts that it is the first company globally to conduct a clinical trial on silk for bone repair. Additionally, it is ISO 13485 certified and has received CDSCO regulatory approvals to produce and market its advanced wound care product, Seriderm, for treating diabetic foot ulcers.

Serigen Mediproducts, which was established in 2015 and is a spin-off company of CSIR-National Chemical Laboratory. The medtech start-up was incubated at Pune’s Venture Center.