New Delhi, Dec 19 (KNN) BIRAC, the Biotechnology Industry Research Assistance Council, will fund private fund managers registered with the Securities Exchange Board of India (SEBI) under the Accelerating Entrepreneurs (AcE) Fund.

Biotechnology Innovation Fund – Ace is an equity “Fund of Funds” created exclusively to partner with SEBI registered private funds to invest equity in Biotech start-ups for providing the risk capital to undertake innovation, research and product development.

In this regard, BIRAC has called for invitations from Private Funds registered with the market watchdog before January 20, 2019.

The BIRAC AcE Fund operates  as   “Fund  of  Funds”  to   foster  R&D  and  innovation   in  Biotechnology domains including areas such  as  healthcare,  pharma,  medical  devices,  agriculture, sanitation to name a few.

It is intended that the AcE Fund plugs the gap of the “Valley of Death “encountered by the Biotech start-ups during their product development cycle and growth phase.

AcE Fund aims creation of an ecosystem for providing risk capital to young enterprises to undertake research and development in high priority technology areas.

AcE Fund is being promoted by DBT through BIRAC, under the aegis of Make in India initiative. (KNN Bureau)