The network funding aims facilitate early-stage private capital to accelerate the growth of startups operating in biotech, medtech, agritech, water & sanitation cleantech, etc
In a bid to unlock the immense potential of Indian biotech, Biotechnology Industry Research Assistance Council (BIRAC), in partnership with Indian Angel Network (IAN), has announced the launch of BioAngels Network “BioAngels”. The platform aims to be the single-largest national platform for biotech angel investing.
The announcement comes at a crucial juncture for the Indian biotechnology industry which is being driven by a level of dynamism that only a few other sectors have been able to achieve, globally. Over the last decade, BIRAC has led the industry to cross multiple milestones. Worth $50 billion in 2018, the Indian bioeconomy currently comprises over 600 core biotech companies as well as 2700 plus startups, accounting for a three per cent share in the global biotechnology industry.
The merging synergies of the country’s largest angel network and the innovation-focused industry-academia interface supported by the government are set to bring about the much-needed transformation by triggering the sector’s next phase of evolution.
By combining the power of regulatory vision and angel investment, such initiatives aim to strengthen and assist BIRAC in accelerating the growth of the Indian bioeconomy, enabling it to surpass $100 billion by 2025. The first-of-its-kind focussed funding programme will accomplish this by facilitating budding innovators with access to capital, mentorship and growth opportunities.
“We are extremely delighted to collaborate with BIRAC to set up India’s first BioAngels Network ‘BioAngels’ powered by IAN. Through this institution, our aim is to provide a leg up to innovators who are dedicated to resolving critical pain points in the country’s healthcare ecosystem. BioAngels will also enable us to leverage the domain expertise of leading investors outside of IAN who are supporting biotech ventures across sub-verticals including medtech, agritech/irrigation, and water and sanitation cleantech, among others. With their help, we will be able to build a pipeline of well-curated and diligenced deal flow for our members,” said Digvijay Singh, COO, IAN.
Dr Manish Diwan, Head- Strategic Partnership and Entrepreneurship Development, BIRAC commented, “Biotech start-ups are focused on creating a transformational impact in India before they disrupt global markets. They hold the key to unlocking a healthier, tech-driven future for India, along with the unparalleled potential of digital healthcare. As an ecosystem enabler committed to seeding and breeding Indian innovators in this space, we are pleased to create a unique opportunity to mobilise equity investments for start-ups in this sector. IAN would facilitate greater growth opportunities to biotech startups on the back of early-stage private capital.”
Such a consortorium of 50 angels, HNIs, and early stage VCs will enable us to bolster our strategies by integrating invaluable insights of industry leaders. The network’s reach and strong industry connect will also help us to support biotech startups across wider geographies,” he added.