Bengaluru based biotech startup Pandorum Technologies, which is famous for developing India’s first artificial 3D printed liver tissue, has raised $3.6 million (~ ₹ 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 funding round also saw participation from existing investors Flipkart CEO Binny Bansal besides new investors like Hero Enterprise chairman Sunil Kant Munjal in his personal capacity and IAN’s angel network too.
“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, co-founder of Pandorum Technologies, to a business daily.
Arun Chandru along with Tuhin Bhowmick, researchers from Indian Institute of Science (IISc), Bangalore, founded Pandorum 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.
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).
Pandorum’s vision is to make personalised human organs such as lungs, liver, kidney and pancreas on demand.
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.
To recall, BIRAC, which is one of the backer of Pandorum, has signed an MoU with Indian Angel Network to invest in India’s biotech startups and bring the biotechnology startups closer to angel investors.
According to a study called “India’s Biotech Startup Ecosystem”, published by Association of Biotechnology Led enterprises (ABLE) in 2017, Indian biotech startup ecosystem is booming with 1022 bio-technology startups and Bangalore has the most number of biotech startups hosting 190 of the 1022 biotech startups formed in the last five years.
In last August, biotech startup Roivant Sciences has secured whopping $1.1 billion equity investment from the SoftBank Vision Fund. Riovant is founded by an Indian-origin entrepreneur Vivek Ramaswamy.
In October ’17, a women exclusive Bio-tech Incubator was inaugurated in Chennai during the last concluded International Science Congress – 2017.
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