Biotech startup Pandorum Technologies is set to raise $8 million (INR 64.8 crore) in a new funding round from renowned investor Ashish Kacholia, Everest Finance and Investment Company, and other investors. The Bengaluru-based startup, founded in 2011, focuses on tissue technology and regenerative medicine. With this new funding, Pandorum aims to further develop its proprietary technology platform and expand its reach in the field of tissue repair and regeneration.
The Funding Details:
Pandorum Technologies’ board of directors recently passed a resolution to raise $8 million by allotting around 43,000 Series A Compulsorily Convertible Preference Shares (CCPS) to the investors. Out of this proposed amount, the startup has already secured $5.8 million from Ashish Kacholia, Everest Finance, Fastmover Advisory LLP, and Equipact Advisory LLP. The remaining amount is expected to be infused in the coming days.
Background and Focus:
Founded by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies specializes in biotechnology and focuses primarily on tissue technology and regenerative medicine. The startup has developed a proprietary technology platform that is designed to develop functional human tissues, such as bio-engineered cornea and liver, for medical research and therapeutic applications. Pandorum is also venturing into the field of cell-free therapies for tissue repairand regeneration.
Presence and Collaborations:
Pandorum operates primarily in India but also has a presence in the United States. The startup’s research and development labs are located in Bengaluru, the Medical University of South Carolina, and the Bay Area in the US. Over the years, Pandorum has collaborated with institutions like the Medical University of South Carolina and Dr. Shroff’s Charity Eye Hospital for various research projects.
Competition and Market:
In the Indian biotech startup landscape, Pandorum competes with other players such as Xcode Life Sciences, Oncostem Diagnostics, MedGenomes, and MapMyGenome. The market for regenerative medicine and tissue engineering is rapidly growing, driven by the increasing demand for advanced medical research and therapeutic solutions. Pandorum aims to capitalize on this market opportunity and establish itself as a leader in the field.
Pandorum Technologies’ upcoming funding round of $8 million will provide the necessary financial support for the startup to continue its research and development efforts. With a focus on tissue technology and regenerative medicine, Pandorum aims to develop bio-engineered human tissues for medical research and therapeutic applications. The startup’s collaborations with renowned institutions and its expansion plans in the field of cell-free therapies demonstrate its commitment to innovation in the biotech industry.
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