Bengaluru-based biotech startup Pandorum Technologies has raised $3.6 million in its series A funding. The investors include the Indian Angel Network, venture funds 021 Capital, 500 Startups and KITVEN.
The round also saw participation from existing investor Flipkart CEO Binny Bansal and new investor Sunil Kant Munjal, former joint managing director of two-wheeler manufacturer Hero MotoCorp.
The documents filed by the company with the regulatory body reveals that it has already received Rs 7.9 crore ($1.2 million) of the Rs 21 crore and the remaining amount will come in tranches.
As per the media report, the startup will use raised money to scale up operations, hire talent and deepen research and development.
Pandorum, which makes human tissues for medical research and therapeutics, was founded by two Indian Institute of Science (IISc), Bangalore researcher Arun Chandru along with Tuhin Bhowmick in 2011. Later, the next year the startup moved into a Bangalore based biotechnology incubation center – Centre for Cellular and Molecular Platforms in the Bangalore Bio-Cluster, to access state of the art experimental facilities and to do research and development. Since then the team has received several notable awards and recognition.
The company believes in the development and dissemination of high end innovations aimed at addressing the most important challenges in healthcare. It says that the company is dedicated at using the scientific and technological prowess to elevate the quality, and extend human life.
The startup is aiming to make personalised human organs like lungs, liver, kidney, and pancreas on demand. The biotech startup competes with the likes of Stempeutics Research, Sea6 Energy, XCode Life Sciences, among others.
In 2016, the startup had raised $311K (INR 2 Cr) from Flipkart founders – Sachin and Binny Bansal. Prior to this, Pandorum had also raised grants from the govt of India backed Biotechnology Industry Research Assistance Council (BIRAC).
To recall, BIRAC has signed an MoU with Indian Angel Network to invest in India’s biotech startups and bring the biotechnology startups closer to angel investors.