Indian biomedical startup Elucidata raises $5 million in pre-series A funding round
The firm will use the investment to capitalise on its position as a leading provider of structured biomedical molecular data to the life sciences industry.
Elucidata, an Indian Biomedical data management firm, on 28 January 2021 announced that it has raised $5 million (about Rs 36.4 crore) in the pre-Series A funding round. The new funding round was captained by IvyCap Ventures followed by participants Hyperplane Venture Capital, a Bolton-based seed stage firm and a few other angel investors. The firm is developing an AI (Artificial Intelligence) enabled biomedical data management platform named Polly.
The startup will use the new round of investment in the capitalisation of its position as a leading provider of structured biomedical molecular data to the life sciences industry, in the acceleration of its product development, expansion of its US operations and in bolstering its marketing efforts.
"In the pharma industry, biomedical data of drug discovery is increasing in diversity and volume at a rapid rate. In this scenario, it gives us immense pleasure to collaborate with a team, which is driven by a vision of drug discovery and pharma R&D," said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures.
"The strong backing from IvyCap Ventures and Hyperplane would amplify our ability to help our partners improve in their data-driven drug discovery," said co-founder and CEO of Elucidata, Abhishek Jha.
The company was co-founded by Ahishak Jha, Swetabh Pathak and Richard Kibbey in the year 2015. The firm has partnered with Pfizer, University of Pennsylvania, Princeton University, UCLA, Yale and many more.
With inputs from PTI.
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