SUMMARY
The round was led by Eight Roads Ventures, with participation from F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital
The startup will use the funding to deepen product capabilities in translational drug research and allied markets
Elucidata provides its clients access to well-labelled biomedical data that can easily be deployed by data science teams to accelerate drug development and research work
Delhi-based biomedical data startup Elucidata has raised $16 Mn as part of its Series A funding round led by investment firm Eight Roads Ventures. The round also saw participation from F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital.
The startup will use the funding to deepen product capabilities in translational drug research and allied markets. The investment will also be used to scale go-to-market initiatives and expand operations across the globe.
“Elucidata’s technology platform seeks to democratise access to curated biomedical data at scale, allowing biopharmaceutical companies to accelerate the discovery and development of novel therapies. We are proud to partner with Abhishek, Swetabh and the team on their vision to accelerate data-centric drug discovery and development,” said Ashish Venkataramani, partner at Eight Roads Ventures.
Founded in 2015 by Abhishek Jha, Swetabh Pathak, and Richard Kibbey, Elucidate offers SaaS platform Polly that provides researchers access to curated biomolecular data that can be used to derive insights, and analysed over a graphical user interface (GUI).
Essentially, Elucidata provides users access to well-labelled biomedical data that can easily be deployed by data science teams to accelerate drug development and research work.
The platform claims to host 70 TB (terabytes) of ML-ready biomedical data and more than 2.5 Mn biomolecular datasets.that cater to companies in various stages of their drug discovery process.
The startup claims to cater to more than 30 premier life science companies such as Pfizer, Janssen, Genentech, as well as research institutes such as Stanford and Bill & Melinda Gates Foundation.
The startup had last raised $5 Mn in funding in January last year. With the current fundraise, Elucidata has raised more than $23 Mn in funding so far.
The fundraise is part of the larger splash that Indian healthtech startups, especially biotech and other allied startups, are making across the globe. Late last month, Bengaluru-based genomics research startup MedGenome raised $50 Mn in a funding round led by Novo Holdings.
In August itself, another biotech startup Eyestem bagged $6.4 Mn in its Series A funding round led by Biological E. Ltd, Alkem, NATCO and a clutch of other investors.
An Inc42 report projects the overall Indian healthtech market to grow to $21 Bn in size by 2025.
