Zumutor Biologics Inc., a biotechnology startup that operates in the immuno-oncology segment, has raised $4 million (approximately Rs 28.65 crore at current exchange rates) in fresh funding.
The company, which is based in Massachusetts and Bengaluru, raised funding from Accel Partners and Bharat Innovation Fund, The Economic Times reported.
The firm said the funds will be used for the process of new drug filing of its lead molecule (ZM 008) in India and go through the first phase of clinical trials by the end of next year.
The latest investment takes the total funding raised by Zumutor thus far to $20 million, the report added.
Ashwin Raguraman, the founding partner at Bharat Innovation Fund, said the strong pipeline that Zumutor has developed combined with a relatively differentiated NK (Natural Killer) cell approach could lead to breakthrough treatments for multiple cancers.
Zumutor Biologics, which was founded in 2013 by Kavita Iyer Rodrigues, focusses on developing targeted NK cell therapeutics. The startup has two proprietary antibody engineering platforms to develop immunotherapies that regulate tumour microenvironments, according to its website.
Other similar startups that have raised funding in recent months include NeuroLeap, brain enhancement and mental health startup based in Mumbai that last month secured funding from philanthropist Rajashree Birla and Jindal SAW Ltd managing director Sminu Jindal.
Earlier this month, Ekincare, an artificial intelligence-based healthcare startup focussed on corporate houses, raised $3.6 million in a Series A funding round. Existing investors in the company include venture capital firm Venture East and Eight Roads Ventures.