Pune-based healthtech startup SynThera Biomedical has raised an undisclosed amount of seed funding from 1Crowd and the government’s BIRAC (Biotechnology Industry Research Assistance Council) scheme via Venture Center.
BIRAC’s SEED – Sustainable Entrepreneurship and Enterprise Development – scheme was set up to support life sciences startups, with a funding of up to INR 30 Lakh. The investments raised by Venture Center’s incubatee company SynThera will enable it to move faster towards regulatory approvals, production, and sales.
Nilay Lakhkar, founder and chief executive, 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 funds raised by SynThera will enable the company to move faster towards regulatory approvals, production, and sales. The startup will further utilise technology capabilities and intellectual properties and aims to provide with valuable biomaterial solutions to dental and orthopaedic surgeons.
Anil Gudibande, co-founder of 1Crowd, said, “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 on the cusp of knowledge and technology, and SynThera is a fine example of that.”
SynThera’s flagship products — SynOst and PoroSyn — are synthetic bone graft substitute products that are made from bioactive glass materials. Both the products are used in dental and orthopaedic surgeries for the repair and regeneration of bones that are lost or damaged due to certain diseases, injuries and congenital deformities.
Recently, the central government’s NITI Aayog had launched the National Health Stack infrastructure to ensure implementation of the Centre’s flagship scheme Ayushman Bharat and other public healthcare programmes in the country.
The motive behind launching National Health Stack was to significantly bring down the costs of health protection and promote wellness across the population. The infrastructure will help in converging disparate systems to ensure a cashless and seamlessly integrated experience for the poorest beneficiaries.
According to an IBEF report, the overall Indian healthcare market is estimated at $100 Bn. It is expected to touch $280 Bn by 2020, growing at a CAGR of 22.9%.