IAN-BIRAC launch biotech-focused angel funding network, to support over 100 startups

Biotechnology Industry Research Assistance Council (BIRAC) has partnered with Indian Angel Network (IAN) to launch 'BioAngels' to provide a platform for biotech angel investment in the country.

The focused funding programme will help budding innovators with access to capital, mentorship, and growth opportunities.

Worth USD 50 billion in 2018, the Indian bio-economy currently comprises over 600 core bio-tech companies as well as more than 2,700 startups.

"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," IAN COO Digvijay Singh said.

BioAngels will also enable entrepreneurs leverage the domain expertise of leading investors outside of IAN, who are supporting biotech ventures across sub-verticals, including medtech, agritech/irrigation, water and sanitation cleantech, among others, he added.

The initiative will aim at extending support to more than 100 startups within three years.

"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," Manish Diwan, Head- Strategic Partnership & Entrepreneurship Development at BIRAC, said.