ETtechA bunch of startups incubated at Bengaluru's Centre for Cellular and Molecular Platforms (C-CAMP) could well be on their way to becoming unicorns – or those with a valuation of $1 billion or more - in the booming biotechnology space.
From antibiotic discovery to immuno-oncotherapy, stem cell therapy to tissue engineering, molecular diagnostics to sustainable green technologies, they cover all major deep-tech domains.
C-CAMP is one of the largest biotech ecosystems in India and a global hub for innovations led by deeptech.
In the last quarter, seven of its marquee deep-science startups have raised more than $70 million, or Rs 550 crore, in series A, series B investments and acquisitions at a total valuation of over $250 million (Rs 2,000 crore).
C-CAMP has supported Bugworks, Sea6 Energy, String Bio, Eyestem, Pandorum, Achira and Zumutor for nearly a decade now.
“Such high investments for first-in-class high-risk technologies is an early indication of investor interest and could be a defining moment for the future of science-led entrepreneurships in India and beyond,” said Taslimarif Saiyed, CEO and director of C-CAMP.
International validation from investors underlines the global relevance of these technologies, he said.
Considering the capital cost, infrastructure dependence and high-risks associated at every step of product development, regulatory approval and market entry, deep tech is inherently challenging, he added.
Together, these startups are addressing humanity’s most pressing problems in healthcare, agriculture and environment, and this semi-unicorn status will only help bring their solutions to society faster, he added.
Bugworks is currently developing a novel broad-spectrum antibacterial agent available in both intravenous and oral forms to treat multi-drug resistant infections, said chief product officer Shahul Hameed.
The last broad-spectrum antibiotics were developed in the 1960s and those were still being used the world over. When it becomes commercially available, Bugworks' antibacterial agent will be the first broad-spectrum antibiotic from India.
The company has raised $18 million in Series B funding, led by Lightrock and other investors.
Developing proprietary large-scale ocean seaweed cultivation technology is the mainstay of Sea6 Energy, said chief executive Shrikumar Suryanarayanan.
“We leverage this seaweed to create environmentally friendly products for agriculture, animal health, food, bioplastics and renewable chemicals,” he said.
The company has raised $18.5 million as part of its Series B round, led by BASF Venture Capital and other investors.
“Our ultimate goal is to produce enough biomass to substitute for India's crude oil imports,” Suryanarayanan said.
String Bio develops proprietary fermentation platforms to convert a potent greenhouse gas – methane - into value-added solutions for animal nutrition, crop inputs and biodegradable polymers.
The startup has raised $20 million in Series B led by Woodside Energy Group and other investors.
The largest natural gas producers in the United States and Australia have evinced interest in the company, said managing director Vinod Kumar.
Eyestem develops stem cell-based affordable solutions to reverse vision loss in retinal degenerative illnesses.
Jogin Desai, chief executive of Eyestem said about 15-40 million people in India suffer from retinal degenerative illnesses, and the disease is incurable and irreversible.
Around 1.5 million children in the country also suffer from retinitis pigmentosa, another rare inherited degenerative eye disease that causes severe vision impairment.
The company has raised $6.4 million in its Series A round led by Biological E and other investors.
Achira is currently developing a proprietary lab-on-chip platform to perform rapid, quantitative diagnostic tests, said chief executive Dhananjaya Dendukuri.
Recently, pharma company Cipla Ltd acquired a 21.05% stake in the company for Rs 25 crore.
Infosys Founder NR Narayana Murthy’s investment fund Catamaran is an investor in the point-of-care diagnostics company.
Zumutor is developing an antibody engineering platform, and immune therapeutics targeting tumours, said Kavitha Iyer Rodrigues, its CEO.
The company has raised $6.2 million led by Siana Capital and other investors.
Pandorum is developing a proprietary technology platform to create 3D functional tissues such as bio-engineered cornea and liver, said Arun Chandru, its chief technology officer.
The firm has raised $4.8 million led by Sunil Kant Munjal, chairman of Hero MotoCorp.
C-CAMP is supported by the Department of Biotechnology, and is one of the cluster organizations of the Bangalore Life Science Cluster.
Its mandate is to enable cutting-edge life science research and innovation and promote life science entrepreneurship.
It has directly funded, incubated, and mentored over 320 startups in the areas of healthcare, agriculture, and environment over the last few years.
Its portfolio covers emerging areas such as digital health and Artificial Intelligence, clean technologies, antibiotic resistance, stem cell technology, drug discovery, and agriculture technologies.
From antibiotic discovery to immuno-oncotherapy, stem cell therapy to tissue engineering, molecular diagnostics to sustainable green technologies, they cover all major deep-tech domains.
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In the last quarter, seven of its marquee deep-science startups have raised more than $70 million, or Rs 550 crore, in series A, series B investments and acquisitions at a total valuation of over $250 million (Rs 2,000 crore).
C-CAMP has supported Bugworks, Sea6 Energy, String Bio, Eyestem, Pandorum, Achira and Zumutor for nearly a decade now.
“Such high investments for first-in-class high-risk technologies is an early indication of investor interest and could be a defining moment for the future of science-led entrepreneurships in India and beyond,” said Taslimarif Saiyed, CEO and director of C-CAMP.
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International validation from investors underlines the global relevance of these technologies, he said.
Considering the capital cost, infrastructure dependence and high-risks associated at every step of product development, regulatory approval and market entry, deep tech is inherently challenging, he added.
Together, these startups are addressing humanity’s most pressing problems in healthcare, agriculture and environment, and this semi-unicorn status will only help bring their solutions to society faster, he added.
Bugworks is currently developing a novel broad-spectrum antibacterial agent available in both intravenous and oral forms to treat multi-drug resistant infections, said chief product officer Shahul Hameed.
The last broad-spectrum antibiotics were developed in the 1960s and those were still being used the world over. When it becomes commercially available, Bugworks' antibacterial agent will be the first broad-spectrum antibiotic from India.
The company has raised $18 million in Series B funding, led by Lightrock and other investors.
Developing proprietary large-scale ocean seaweed cultivation technology is the mainstay of Sea6 Energy, said chief executive Shrikumar Suryanarayanan.
“We leverage this seaweed to create environmentally friendly products for agriculture, animal health, food, bioplastics and renewable chemicals,” he said.
The company has raised $18.5 million as part of its Series B round, led by BASF Venture Capital and other investors.
“Our ultimate goal is to produce enough biomass to substitute for India's crude oil imports,” Suryanarayanan said.
String Bio develops proprietary fermentation platforms to convert a potent greenhouse gas – methane - into value-added solutions for animal nutrition, crop inputs and biodegradable polymers.
The startup has raised $20 million in Series B led by Woodside Energy Group and other investors.
The largest natural gas producers in the United States and Australia have evinced interest in the company, said managing director Vinod Kumar.
Eyestem develops stem cell-based affordable solutions to reverse vision loss in retinal degenerative illnesses.
Jogin Desai, chief executive of Eyestem said about 15-40 million people in India suffer from retinal degenerative illnesses, and the disease is incurable and irreversible.
Around 1.5 million children in the country also suffer from retinitis pigmentosa, another rare inherited degenerative eye disease that causes severe vision impairment.
The company has raised $6.4 million in its Series A round led by Biological E and other investors.
Achira is currently developing a proprietary lab-on-chip platform to perform rapid, quantitative diagnostic tests, said chief executive Dhananjaya Dendukuri.
Recently, pharma company Cipla Ltd acquired a 21.05% stake in the company for Rs 25 crore.
Infosys Founder NR Narayana Murthy’s investment fund Catamaran is an investor in the point-of-care diagnostics company.
Zumutor is developing an antibody engineering platform, and immune therapeutics targeting tumours, said Kavitha Iyer Rodrigues, its CEO.
The company has raised $6.2 million led by Siana Capital and other investors.
Pandorum is developing a proprietary technology platform to create 3D functional tissues such as bio-engineered cornea and liver, said Arun Chandru, its chief technology officer.
The firm has raised $4.8 million led by Sunil Kant Munjal, chairman of Hero MotoCorp.
C-CAMP is supported by the Department of Biotechnology, and is one of the cluster organizations of the Bangalore Life Science Cluster.
Its mandate is to enable cutting-edge life science research and innovation and promote life science entrepreneurship.
It has directly funded, incubated, and mentored over 320 startups in the areas of healthcare, agriculture, and environment over the last few years.
Its portfolio covers emerging areas such as digital health and Artificial Intelligence, clean technologies, antibiotic resistance, stem cell technology, drug discovery, and agriculture technologies.
( Originally published on Aug 25, 2022 )
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