The round was led by Biological E. Ltd, Alkem, NATCO, Anurag Bagaria and Karan Bagaria from Kemwell Biopharma
Eyestem will use the capital to solidify its cell therapy platform and conduct early clinical trials of its patented product
Its patented product called Eyecyte-RPE is an experimental treatment for dry age-related macular degeneration. The startup is also building a slew of allied products to treat incurable diseases
Bengaluru-based biotech startup Eyestem has secured $6.4 Mn (INR 51 Cr) in its Series A funding round at a post-money valuation of $46.4 Mn (INR 371 Cr).
The round was led by Biological E. Ltd, Alkem, NATCO, Anurag Bagaria and Karan Bagaria from Kemwell Biopharma. Existing investors–Endiya Partners and Kotak Private Equity also participated in the funding round.
Eyestem will use the capital to solidify its cell therapy platform and conduct early clinical trials of its patented product.
“Endiya Partners is delighted to participate in the current funding round. The addition of leading pharma and biotech investors on our cap table is a great validation of the world-class science that Eyestem is pursuing which can change millions of lives globally,” said Dr. Ramesh Byrapaneni, managing partner of Endiya Partners.
Founded in 2016 by Dr. Jogin Desai, Dr. Rajani Battu, Dr. Rajarshi Pal and Dr. Dhruv Sareen, Eyestem aims to develop a cell therapy platform to treat incurable diseases and democratise access to new technologies globally.
Eyestem has a patented product called Eyecyte-RPE, which is an experimental treatment for dry age-related macular degeneration. Additionally, the startup is planning to launch a range of allied products to treat incurable diseases.
“We started Eyestem with the sole purpose of being able to create cell therapy products at scale for diseases that devastate a large number of people in India and the world. The support of major Indian pharma companies who share our vision endorses our strategy of developing affordable innovation for patients worldwide,” Dr Jogin Desai, founder and CEO of Eyestem said,
Further, Eyestem said it has formed associations for scientific innovations across India, the UK and US and has received grants from the Department of Biotechnology.
In 2019, it reportedly received an undisclosed amount of funding from Swiss and South African investors.
It competes with the likes of biotechnology startups such as MedicoExperts, NeuroCyte, and ReeLabs, among others.
According to a report, India’s cell market, which was pegged at $0.47 Bn in 2019, will grow at a CAGR of 13% during the financial year 2021 to 2026.