Pandorum Funding: To Raise $8 Mn From Ashish Kacholia

Exclusive: Biotech Startup Pandorum To Raise $8 Mn From Ashish Kacholia, Everest Finance

SUMMARY

Pandorum Technologies’ board of directors passed a resolution to raise the amount by allotting around 43,000 Series A CCPS to the investors

Of the proposed amount, the Bengaluru-based startup has already raised around $5.8 Mn from Kacholia, Everest Finance, Fastmover Advisory LLP, and Equipact Advisory LLP

Backed by Binny Bansal’s 021 Capital and Sunil Kant Munjal, Pandorum focusses on tissue technology and regenerative medicine

Biotech startup Pandorum Technologies is raising $8 Mn (INR 64.8 Cr) in a fresh funding round from ace investor Ashish Kacholia, Everest Finance and Investment Company – the finance arm of Everest Foods, among others.

The startup’s board of directors passed a resolution in the last week of December to raise the amount by allotting around 43,000 Series A 1 compulsorily convertible preference shares (CCPS).

Of the proposed amount, the Bengaluru-based startup has already raised around $5.8 Mn (INR 48.8 Cr) from four investors – Kacholia, Everest Finance, Fastmover Advisory LLP, and Equipact Advisory LLP. The remaining amount is likely to be infused in the coming days.

Prior to this, the startup raised around $4.8 Mn (INR 40 Cr) from Sunil Kant Munjal of Hero Enterprise in the month of August last year.

Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum is a biotechnology startup that focusses on tissue technology and regenerative medicine.

The startup claims that its proprietary technology platform is designed to develop functional human tissues, such as bio-engineered cornea and liver, intended for medical research and therapeutic applications. The startup is also expanding its focus in the area of cell-free therapies/stepping in the cell-free therapy for tissue repair and regeneration.

It primarily operates in India and also has a base in the US. Pandorum’s R&D labs are present in Bengaluru (Bangalore BioInnovation Labs and Centre for Cellular And Molecular Platforms (CCAMP)), Medical University of South Carolina (MUSC) at Charleston, and MBC BioLabs in the Bay Area in the US.

In 2018, Pandorum raised $3.6 Mn in its Series A round from Indian Angel Network, Binny Bansal’s 021 Capital and Karnataka Information Technology Venture Capital Fund, and Munjal.

Over the years, Pandorum has collaborated with the Medical University of South Carolina and Dr Shroff’s Charity Eye Hospital for various projects.

Pandorum competes against other Indian biotech startups such as Xcode Life Sciences, Oncostem Diagnostics, MedGenomes, and MapMyGenome.