Loopworm, an Indian biomanufacturing company specializing in insect-based proteins for aquaculture feed, has successfully raised $3.25 million in a Pre-Series A funding round. The funding was co-led by existing investor WaterBridge Ventures and Japanese venture capital firm Enrission India Capital.
Founded in 2019 by IIT-Roorkee alumni Ankit Alok Bagaria and Abhi Gawri, Loopworm aims to utilize the new funds to launch the production of recombinant proteins and establish a commercial facility for this process. Additionally, the capital will bolster research and development efforts and expand its global patent portfolio. The startup has plans to validate its products and obtain necessary regulatory approvals, seeking to boost global sales of both existing and new offerings.
Loopworm currently manufactures high-protein animal feeds from silkworms and produces edible oils from silkworm pupae, serving various markets, including cosmetics and nutrition. The company exports its products to regions like Europe, South America, and ASEAN countries and operates a processing facility in Bengaluru with an annual capacity of 6000 tonnes.
The startup is also developing an innovative reactor-free platform for producing recombinant proteins using silkworms. This approach is designed to lower production costs and enhance sustainability compared to traditional methods, which typically involve costly bioreactors and extensive energy use. “Our reactor-free approach using silkworms changes the economics entirely,” said co-founder and CEO Bagaria. “Having proven the technology, we are now focusing on commercialising our recombinant protein production platform.”
