Pandorum raises Series A fund of Rs 23 crore from IAN, 021 capitals and others.
14th, February 2018 - Startup funding
Pandorum Technologies, a biotech startup which 3D print tissues, has raised $3.6 million (approx. Rs 23 crore) in a series A round from Indian Angel Network Fund, 021 Capital, 500 Startups and the Karnataka government backed Karnataka Information Technology Venture Capital (KITVEN) fund, according to filings collated by Paper.vc.
The round also saw participation from existing backer Flipkart Group CEO Binny Bansal besides new investors like Hero Enterprise chairman Sunil Kant Munjal in his personal capacity and IAN’s angel network too.
This round also saw participation from Hero Enterprise chairman Sunil Kant Munjal in his personal capacity and IAN’s angel network too.
Pandorum, which develops 3D-printed human tissues for medical research and therapeutics, will use the money to scale up operations, hire talent and deepen research and development.
"The current fundraise is to help us to make the transition from advanced prototype to market ready product stage. This will include capacity enhancement in key areas including team, tech, infrastructure, scale up and regulatory compliance," said Tuhin Bhowmick, cofounder of Pandorum Technologies.
Pandorum was the first in the country to design and 3D-print human liver tissues for medical research. The startup is presently working on bioengineering human cornea that can potentially be implanted. Its 3D-printed human tissues can be used for drug development and medical research. This test bed of sorts makes it a useful tool in the discovery of novel drugs with better efficacy and substantially reduced time and money.
Pandorum’s vision is to make personalised human organs such as lungs, liver, kidney and pancreas on demand. The company was founded by the Indian Institute of Science Ph.D graduates Arun Chandru and Tuhin Bhowmick in 2011. The company had earlier raised money from the Government of India backed Biotechnology Industry Research Assistance Council (BIRAC) and also from Flipkart cofounders Sachin and Binny Bansal.
"Pandorum’s bio-engineered cornea and lab grown mini-liver can be instrumental in the future of regenerative therapy and drug development," said Binny Bansal, group chief executive, Flipkart. "Personally, I am most excited about the potential of an Indian startup building a global business based on years of research and moving an entire industry forward."
Binny Bansal is an institutional investor in 021 Capital fund, which was set up by Sailesh Tulshan, the personal investment adviser to the Flipkart's Bansals.
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