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Richcore develops proprietary enzyme formulations to conserve food, water and energy across several industries including animal nutrition, effluent treatment and sugar industries addressing a USD 300 million domestic market.
The Company's differentiation stems from its technology platform which includes its ability to deliver proprietary formulations by changing structural sequences of existing enzymes and addressing inefficiencies in industrial processes to provide a 100% eco-friendly solution. The deal was sourced through proprietary sources of the fund manager.
Richcore was founded by an ex-Biocon executive who managed the company's industrial enzyme sales. The R&D is headed by a Professor of Bioprocess Engineering of the University of Colorado.
Ventureast invested in Richcore in July 2008. The Company currently has four proprietary enzyme formulations, and more promising ones in the pipeline. Richcore was declared the ‘Emerging Company of the year 2011' by Association of Biotechnology Led Entrepreneurs (ABLE).
The enzymes industry has previously been dominated by the "big boys", yet an early stage applications research company like Richcore is thriving.
A first generation entrepreneur, Subramani is a textile engineer and an MBA graduate with vast experience in new product development in industrial enzymes and specialty chemicals. Prior to founding Richcore, he was a member of the Marketing and Technical services division in Biocon.