Bengaluru, Apr 26 (IANS): IT Services firm Vee Technologies' parent company Sona Group on Tuesday forged a joint venture with Australia's Mycelium Biotechnology Group to set up a state-of-the art mycelium research and production facility in India.

The new Mycelium Sona Biotech (MSB) facility, which was set up in Tamil Nadu's Salem, will focus on nanotech research, IP development, extract manufacturing, milling, bottling and ecommerce.

Billed as one of the largest mushroom laboratories in India with best global manufacturing practices, MSB laboratory will research and grow high end mushrooms, extract mushroom and mycelium compounds, and produce nutraceuticals that conform to FSSAI and FDA certification.

"The partnership will leverage Sona Group's research and innovation framework to add to the vast range of IP and patentable technologies," said Chocko Valliappa, MD Vee Technologies and Vice Chairman of the Sona Group, in a statement.

"We see great opportunities in the Indian market moving forward. Sona's background in health tech and research development is a perfect partnership for us to further advance our nano compound extraction IP," added William Scott, Chairman of Mycelium Biotechnology group.

Mycelium Biotechnology group is known for pioneering innovative solutions to optimise human and planetary health, using mycelium and other extracts from mushrooms, an abundantly available and sustainable natural resource.

The group is engaged in mushroom growing, global distribution and offering biotechnology and nutraceuticals solutions through global partners.

The medicinal mushroom industry is expected to grow exponentially as more and more of the 5.1 million mushroom species are researched. The global fungi industry is forecast to exceed $86 billion by 2025, up from $53.7 billion in 2019.

While the growth will be powered in part by culinary demand, an even larger driver will be rising adoption by the pharmaceutical industry.