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.
Nilay Lakhkar, Founder and CEO of SynThera Biomedical, said
The investment will help us 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.
The company’s flagship products – SynOst and PoroSyn are synthetic bone graft substitute products made from bio-active glass materials. Both products are used in dental and orthopedic surgeries as implantable materials for repair and regeneration of bone that is lost or damaged due to disease, injuries or congenital deformities.
Anil Gudibande, co-founder of 1Crowd, said
SynThera is an innovative bio-material 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.
Dr. Premnath, Director, Venture Center, the incubator that supports SynThera Biomedical, said
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 bio-active glass company from India. It will be uniquely positioned to provide valuable bio-material solutions to dental and orthopedic surgeons.
About Venture Center
Venture Center is India’s leading inventive enterprises incubator. It won the National Award for Technology Business Incubators from the President of India in May 2016. The Venture Center is hosted by CSIR-National Chemical Laboratory, Pune. For more information, please visit The Venture Center.
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, with two offices in Mumbai and Bengaluru, the platform has invested in over 17 ventures, with over Rs. 40 crores in AUM. Recently, 1Crowd announced the first close of its seed & early stage Fund. For more information, please visit 1Crowd.