Exclusive: Biotech Startup Pandorum Technologies Raises Over INR 41 Cr

Bengaluru-based deep tech startup Pandorum Technologies has raised INR 41.25 Cr from various investors. 

According to filings with the Ministry of Corporate Affairs (MCA) and accessed by Inc42, Pandorum has issued 27,590 Pre-Series B Cumulative Compulsorily Convertible Preference Shares (CCCPS) at a face value of INR 10 per share and a premium of INR 14,950 per share to the investors mentioned below. 

1. 9,365 Pre-Series B CCCPS to BTB Ventures, aggregating to a total amount of more than INR 14 Cr
2. 9,365 Pre-Series B CCCPS to Capital Trust, aggregating to a total amount of more than INR 14 Cr
3. 5,516 Pre-Series B CCPS to IAN Fund (Vistra ITCL) and two equity shares, aggregating to a total amount of INR 8.24 Cr
4.  2,006 Pre-Series B CCPS to Kotak Investment Advisors, aggregating to a total amount of INR 2.99 Cr
5. 1,338 Pre-Series B CCPS to Karnataka Trustee Company, aggregating to a total amount of more than INR 2 Cr

Further, the company has also issued two equity shares, at a face value of INR 1 per share and an issue price of INR 14,950 per share, to IAN (Indian Angel Network) Fund, which is represented by its trustee Vistra ITCL. 

Pandorum Technologies is a biotechnology company that focuses on tissue technology and regenerative medicine. The company claims that it’s proprietary technology platform is designed to develop functional human tissues, such as bio-engineered Cornea and Liver, intended for medical research and therapeutic applications.

Pandorum Technologies is supported by the Biotechnology Industry Research Assistance Council (BIRAC), Department of Biotechnology, Government of India. Pandorum Technologies was founded in 2011 by Arun Chandru and Tuhin Bhowmick. 

In the past, the company has raised funding from Flipkart founders Sachin and Binny Bansal, Sunil Munjal, Indian Angel Network (IAN) which is also an investor in the most recent funding round, among several others. Pandorum raised its Series A funding round worth INR 21 Cr ($3.2 Mn) in 2018 from Binny Bansal, IAN and other high net worth individuals (HNIs).

The company is engaged in making organ replacement more affordable for Indians, by developing bio-engineered tissues. 

It’s the first Indian company to 3D-print a human liver tissue for medical research in 2015. Last year, the company announced that it had bio-engineered human cornea tissue to enable scarless regeneration and vision restoration.

“At Pandorum, we are working to close this [transplant] gap using bio-engineering approach through stage-wise development of a platform, which is ultimately aimed to liberate us from the dependencies on the human donor. Our aim is to develop the technology to an extent that people in India should get it at an affordable cost and at the time it’s needed,” Pandorum cofounder Arun Chandru said last year in interaction with Inc42.

Some of the other biotech startups in India include Stempeutics Research, Sea6 Energy, XCode Life Sciences among others.