Mitra Biotech Inc., a biotech company that develops and provides technologies that personalize cancer treatment, has raised $27.4 million in a Series B round of funding led by Sequoia India and Sands Capital Ventures with participation from Boston based RA Capital Management and existing investors Accel Partners and Tata Capital Innovations Fund. This funding round also provides an exit to Series A investors KITVEN and India Innovation Fund.

Founded in 2010, Mitra which is based in Boston and maintains a significant research and laboratory presence in Bengaluru, plans to use the funds to expand the availability of its CANScript service, which predicts personalized responses to cancer treatments.

“These new funds will allow us to enhance our technology and engage in new studies to further demonstrate CANScript’s clinical utility. We will also move forward with our commercial efforts in the United States, as well as emerging and other key markets,” said Mallikarjun Sundaram, president, co-founder, and chief executive of Mitra.

In October 2013, Tata Capital Innovations Fund along with existing investors India Innovation Fund and Accel Partners, invested about Rs.40 crore in the company. In 2010, the company had raised funding of Rs.30 crore from Accel, India Innovation Fund and KITVEN, a government-backed fund.

Founded by Mallikarjun Sundaram and Pradip K Majumder, Mitra Biotech is a pioneer in enabling personalized cancer care and drug development. The company is addressing significant challenges in personalized cancer medicine with dedicated scientists educated and trained in world famous institutes. Mitra’s discoveries to detect and manage cancer have practical applications and will be moved from the bench to bedside.

The company is currently offering its service at 10-15 hospitals across India and aims to take this number to above 75 in 3 years with satellite labs across the country. It also aims to expand simultaneously in the US, select parts of Europe and South East Asia.

Before founding Mitra, Sundaram, who did his Bachelor of Pharmacy (B.Pharm) from IIT-BHU, was a scientific co-founder of listed pharmaceutical products company Momenta Pharmaceuticals. Sundaram also holds a Ph.D. in Biotechnology from the University of Utah, Salt Lake City, and MBA from the Wharton Business School, University of Pennsylvania.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.