Biotechnology startup Shilps Sciences Pvt Ltd on Monday said it has closed its pre-Series A funding round led by investment crowdfunding platform AngelList.
Existing investors also participated in this funding round, said Shilps in a statement without disclosing financial details of the transaction. The company had earlier received grant support from the Department of Biotechnology and equity investments from the Indian government's Center for Cellular and Molecular Platforms.
Ashwin Lal, founder and CEO of Shilps Sciences, said that the fresh capital will help the company to accelerate its biology application development on its platform and expand its presence in the US.
The company is also engaging with key opinion leaders and early access partners in this field, added Lal, an alumnus of IIT Kanpur.
Shilps Sciences, which was founded in 2014, says its 'nano-bioreactors on a chip’ technology helps clients analyse single cells for various therapeutic applications, including antibody production and T-Cell therapy that is used for cancer treatment.
The global market for cell analysis was an estimated $16 billion last year and is expected to reach $22.7 billion by 2024, the statement noted.
Biotechnology companies have been attracting angel and venture funding as the need for more research and development increases.
In September, VCCircle reported Chennai-based Seragen Biotherapeutics Pvt. Ltd pulled in angel funding from a bunch of individual investors.
Zumutor Biologics Inc., a biotechnology startup that operates in the immuno-oncology segment, raised about Rs 28.65 crore in fresh funding late last year.
In 2018, Mynvax Pvt. Ltd, a biotechnology startup, raised angel funding from a clutch of individuals.
To discuss the business opportunity and the challenges in the healthcare sector, VCCircle is organising the Healthcare Investment Summit 2020—a virtual event—on December 11. Check out the details and register click here https://healthcare.vccevents.com/