New Delhi: Vyome Therapeutics, a biopharmaceutical firm focused on developing dermatology products, has raised $22 million (about Rs 154 crore) in a fresh round of funding led by Mumbai based venture growth fund Iron Pillar to expand its team and further invest in research and development.
Existing investors Perceptive Advisors, Romulus Capital and Kalaari Capital also participated in this round. Part of the funds are being used for a secondary transaction, the company said without elaborating. Prior to this round, the company had raised about $30 million from Perceptive Advisors, Romulus Capital, Kalaari Capital, Sabre Partners India, Aarin Capital and Navam Capital.
Dermatological conditions are among the most common types of disorders globally and a majority of the market share is held by large pharmaceutical firms with established product lines. However, with the emergence of a number of startups which have proven clinical and commercial success along with d eep understanding of many dermatological conditions, there is a renewed investor interest in disruptive companies in this segment.