Iron Pillar leads $22m round for India's Vyome Therapeutics

Other participants include Perceptive Advisors, Romulus Capital, and Kalaari Capital, all of which contributed to the company's $14 million Series C in 2016. Previous backers also include Sabre Partners, Aarin Capital, and Navam Capital.

The investment will be used in part to advance ongoing trial work for a product aimed at treating moderate to severe acne. It coincides with the establishment of an operational base in the US, where the company will relocate headquarters.

Iron Pillar maintains a presence in the US and says its dermatology experts in the country have been impressed with Vyome's scientific progress to date. The firm closed its maiden fund last year with aggregate capital commitments of just over $90 million and a mandate to close later-stage funding gaps in India's technology space.

"This investment fits well with Iron Pillar's approach of backing visionary entrepreneurs, together with patented platform technologies and products that have the potential to leapfrog the current market," Mohanjit Jolly, a partner at Iron Pillar, said in a statement. "We look forward to leveraging our cross-border network and US capital markets experience to support Vyome as it seeks to establish itself as a leading specialty pharmaceuticals company."

India's healthcare sector was worth INR8 trillion ($116 billion) in 2015 and Frost & Sullivan expects it to more than double in value by 2020. However, much of this growth is expected to be driven by the hospital segment, which accounts for almost two-thirds of the overall market. Pharmaceuticals currently represent about 13% of the market.

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• Topics
• South Asia
• Healthcare
• Early-stage
• India
• USA
• Kalaari Capital
• Pharmaceuticals