Pandorum Technologies, a Bangalore-based biotech startup has reportedly raised around Rs 21 crore ($3.2 million) in its Series A funding round. The investment comes from Binny Bansal, group CEO of Flipkart; Indian Angel Network (IAN); and other HNIs.
The documents filed by the company with the regulatory body reveals that it has already received Rs 7.9 crore ($1.2 million) of the Rs 21 crore and the remaining amount will come in tranches.
The capital raised by the company in this funding round will be used to further scale up its operations, hire talent and deepen its research and development.
Earlier, in the year 2016, the company had raised its seed funding round which saw participation from Flipkart founders Sachin Bansal and Binny Bansal, to the tune of about Rs 2 crore. Prior to that, the company had received a few grants from the government funding agency, Biotechnology Industry Research Assistance Council.
Binny Bansal, who participated in the seed round as well as the current funding round, believes that Pandorum’s bio-engineered cornea and lab-grown mini-liver can be instrumental in the future of regenerative therapy and drug development.
Founded in 2011 by Arun Chandru and Tuhin Bhowmick, this bio-tech startup focusses on tissue engineering and regenerative medicine. After successfully 3D printing human liver tissues which can be used for medical research, the startup is currently bio-engineering human cornea for implants.
The company believes in the development and dissemination of high end innovations aimed at addressing the most important challenges in healthcare. It says that the company is dedicated at using the scientific and technological prowess to elevate the quality, and extend human life.
The startup is aiming to make personalised human organs like lungs, liver, kidney, and pancreas on demand. The biotech startup competes with the likes of Stempeutics Research, Sea6 Energy, XCode Life Sciences, among others.