OncoStem Diagnostics, a Bengaluru-based oncology-focused startup today said it has raised $6 million from Sequoia India. The funding round also saw the participation from existing investors Artiman Ventures, who has so far invested $3 million in the company.
OncoStem will use the raised capital to deepen its research and development efforts, develop effective tests for oral, brain and colon cancer and automate these tests. Further, aims to expand its presence in India and introduce the test in new markets in Asia as well as Europe.
Founded by Manjiri Bakre in 2011, OncoStem is focused on personalized cancer treatment planning through the development of tests that try to effectively predict the chance of cancer recurrence in patients. The startup has developed CanAssist-Breast which identifies the risk of recurrence in patients with Hormone Receptor-positive Breast Cancer. Similar tests in Oral, Lung, and Colorectal Cancer are under development. The company is present in India, Sri Lanka and Bangladesh currently.
Commenting on the development and further company’s expansion plan, Manjiri Bakre, founder and CEO, OncoStem Diagnostics said, “We will allocate the new capital to expand our presence in Asia firstly and then look into markets like Europe, Middle East etc. While expansion is a focus point, we will invest in our R&D so that we can come up with new products to follow up with our lead product. We aim to develop innovative and cost-effective tests that will help predict and assess the risk of recurrence in cancer patients, thus providing doctors with an actionable blueprint for personalised treatments.”
The company plans to expand its presence in India and introduce tests in new markets like Malaysia, Thailand, Indonesia, South Korea and Singapore.
While patients can reach out to the Bengaluru-based startup directly, OncoStem also works with hospitals to develop its distribution network.”OncoStem is filling a critical need gap and helping thousands of cancer patients from severe chemotherapy, its associated toxic effects and the costs involved with it. The technology and pricing can fundamentally change patient’s access to such cutting edge tests, which have been prohibitively expensive in most markets globally so far,” said Anjana Sasidharan, principal, Sequoia India.
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