IKP raises ₹108 crore to promote biotech, life sciences start-ups

Furthering its efforts to boost start-ups and innovation in biotechnology and life sciences, ICICI Knowledge Park (IKP) has raised up to ₹108 crore from a clutch of Indian and global organisations.

The investors include Bill and Melinda Gates Foundation, US Food and Drug Administration, US Agency for International Development, the Department of International Development of the UK, and the Biotechnology Industry Research Assistance Council (BIRAC) under the Union Department of Biotechnology and Government of Karnataka. The funds will be used for collaborative research and creation of facilities.

With the experience of supporting over 200 global research efforts, entrepreneurial ventures and start-up ideas in the past two decades, IKP has also created a new incubation facility in Bengaluru with an investment of ₹31 crore. The facility, with support from Karnataka Government, is working on five ‘grand challenges’ to encourage start-ups and innovators, said Deepanwita Chattopadhyay, Chairman and CEO, IKP.

Some of the projects being incubated are online systems for effluent treatment of sewerage, pests and diseases management, community-based healthcare, etc, she told BusinessLine .

IKP has also set up a Regional Innovation Centre with BIRAC. One of the major initiatives so far has been the mapping of life sciences’ strengths, assets and potential in the Southern cities of Hyderabad, Bengaluru, Chennai and Thiruvananthapuram. A similar exercise for West and Central, and later East India will be done to compile an all-India scenario, she said.

IKP, a science park and incubator, has 200 acres on the outskirts of Hyderabad, where it has created incubation and research facilities to encourage pharma, biotech and chemical companies. At present, a dozen start-ups and 15 research organisations utilise the facilities.

IKP has also been planning to float venture capital funds with Nasscom, which would be open to international investors. The two have already launched India Innovation Fund (IIF) with an initial corpus of around ₹40 crore. The anchor investors of IIF are Tata Consultancy Services, IKP Trust, Airtel, and the Department of Science and Technology. It is an early-stage fund to promote innovations driven by intellectual property in emerging technologies. It is managed by IKP Investment Management Company in which the IKP CEO is a Director.

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