Loopworm, a biomanufacturing company that makes protein from insects, has raised $3.25 million in a pre-Series A funding round. The round was co-led by WaterBridge Ventures, which had invested earlier, and ENRISSION INDIA CAPITAL, a venture capital firm from Japan.
The Bengaluru-based company had earlier raised $3.4 million in a seed round, led by Omnivore and other investors.
Loopworm said in a press release that the new funds will be used to bring its recombinant protein production platform to the market.
The company is focusing on areas like diagnostics, animal vaccines, and other uses that have fewer regulatory hurdles.
Co-founded in 2019 by Ankit Alok Bagaria and Abhi Gawri, Loopworm focuses on sustainable protein production using farmed insects. The company has commercialised insect-derived proteins and fats for aquaculture and pet nutrition and is now developing a novel reactor-free recombinant protein production platform using silkworms.
Loopworm has created a new way to make recombinant proteins, which are usually made by inserting genes into organisms like yeast or bacteria. These proteins are used in medicine and industry.
Instead of using traditional methods, Loopworm uses silkworms as living factories to produce these complex proteins. This process is faster, cheaper, and more environmentally friendly.
The company runs a modern insect processing plant in Bengaluru, with the capacity to handle 6,000 tonnes per year. It exports protein and oil made from silkworms and other farmed insects to Europe, South America, and ASEAN countries. These products are mainly used in fish farming and pet food.
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