Biotech Startup Pandorum Raises $3.2 Mn From Binny Bansal, IAN

SUMMARY

Pandorum Is Working On Bioengineering Human Cornea For Implants

Bengaluru-based biotech startup Pandorum Technologies has reportedly raised $3.2 Mn (INR 21 Cr) in its series A funding from Binny Bansal, Indian Angel Network (IAN) and other high net worth individuals (HNIs).

According to company’s regulatory filings, the startup has already received $1.2 Mn (INR 7.9 Cr) and the remaining amount will come in tranches, paper.vc reported.

An email sent to the company did not elicit any response till the time of publication.

Pandorum Technologies was founded in 2011 by Arun Chandru and Tuhin Bhowmick. The startup works on tissue engineering and regenerative medicine.

The flagship product of the company, 3D printed human liver tissue, was created in 2015 which can be used in medical research for drug metabolism and disease modelling. The designed product can perform functions of a human liver tissue including detoxification, metabolism, and secretion of biochemicals such as albumin and cholesterol.

The startup aims to make personalised human organs like lungs, liver, kidney, and pancreas on demand. At present, it is working on bioengineering human cornea for implants.

Earlier in 2016, Flipkart founders, Sachin and Binny Bansal, also invested $311K (INR 2 Cr) in the startup. Before this Pandorum had also raised grants from the government funding agency, Biotechnology Industry Research Assistance Council.

The biotech startup competes with the likes of Stempeutics Research, Sea6 Energy, XCode Life Sciences among others.

Earlier in May 2017, Karnataka government funded 26 biotech startups. The list included a few innovative ones such as Bendflex, OmiX Labs, Aprus Biomedical Innovations amongst others.

An earlier research done by Inc42 had revealed that over 50 startups have been backed by Flipkart founders and Flipsters. Some of the startups backed by Flipkart co-founders include Inshorts, Ather Energy, Unacademy among others.

With the latest funding round, what new innovations biotech startup Pandorum Technologies can bring on stage, is yet to be seen.