Vyome Biosciences Pvt Ltd, a biopharmaceutical company with focus on dermatology and skin care products, has closed its Series A financing round of Rs 18.50 crore ($3.3 million) led by IndoUS Venture Partners (IUVP) while Aarin Capital and existing investor Navam Capital came in as co-investors. Vyome will deploy the funds for clinical development of its lead anti-dandruff products and accelerating the pre-clinical development of its anti-acne products.
The company, which had raised seed funding from Navam Capital, was set up in August 2010 by Rajesh Gokhale, director of the Institute of Genomics & Integrative Biology in Delhi, Shiladitya Sengupta, co-chair at the Center for Regenerative Therapeutics at Brigham & Women’s Hospital in Boston and assistant professor of Medicine at Harvard Medical School, and Rajeev Mantri, executive director of Navam Capital.
VCCircle had first reported on August 14 that Vyome is in talks to raise funding from IndoUS Venture Partners.
Vyome has already filed multiple Indian and global patents on these technologies and according to Sengupta, one of the co-founders, its vision is to emerge as a company that launches global products from India.
“We are backing a top-notch scientific team assembled in India that is leveraging leading- edge platform technology to develop promising products to address the $20 billion global dermatology market,” said Kumar Shiralagi, managing director of IUVP.
Counting Vyome, it will be the seventh investment by IndoUS Venture Partners in India this year and arguably one of the few in pure healthcare space.
“Nanotechnology applications are poised to completely transform the future of pharmacotherapy and consumer products as did biotechnology, beginning in the 1980s. We are pleased to support some of the leading academic scientists and ventures in this area,” said Ranjan Pai, managing partner at Aarin Capital.
Aarin Capital invests in healthcare, life sciences and technology-based products and services businesses.
Existing investor Navam Capital had put in Rs 4.5 crore in Vyome in November 2010. Navam is an early-stage venture capital firm focusing on investments in cleantech, advanced materials, internet, life sciences and other emerging technologies.
(Edited by Sanghamitra Mandal)