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July 20, 2014

Deal Alert: New Biotech accelerator invests in Lucep, SKL Medtech, Bugworks

A new incubator set up by entrepreneurs in the biotechnology sector has invested in software product company Lucep, which is looking to enter the healthcare segment; Coimbatore-based SKL Medtech, which is developing a fabric that absorbs X-rays; and drug discovery company Bugworks.

The accelerator will take equity anywhere between 1-10 % in the companies and will incubate them for 12-18 months. The accelerator has tied up global life sciences tools provider Esco Group and will work with it on an equity-sharing basis. It will take on eight-10 companies a year, on a rolling basis, working on areas like medical devices, diagnostics, medical textiles and digital health. Bangalore-based Evoma, will provide office space for the startups. 

 
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