Transcell Biologics Pvt Ltd, a Hyderabad-based stem cell research firm, has raised an undisclosed amount of investment from the Indian Angel Network.
The investment round was led by Sanjay Jesrani, who will join the company’s board, according to a statement.
The company will use the money to develop stem cell-based platforms in both therapeutic and non-therapeutic areas.
Transcell was founded in 2009 by Subhadra Dravida, who has more than a decade's experience in stem cell research. It provides stem cell banking and clinical research services.
Jesrani said stem cell banking and clinical research providers have gained traction worldwide over the past few years and that new players are also entering the Indian market.
Another stem cell banking firm that has raised venture funding is LifeCell International Pvt Ltd. The Chennai-based firm had chennai-based-lifecell-raises-64m-helion-venture-partners $6.4 million from Helion Venture in 2013.
The stem cell banking market in India is likely to grow at a compound annual pace of 37.85 per cent from 2014 to 2019, according to market research company Technavio.
In the broader healthcare space, several startups have received funding this month. Online mental healthcare startup HealthEminds Pvt Ltd raised angel funding from cricketer Robin Uthappa’s Caffeine Ventures while AddoDoc Technologies Pvt Ltd, which runs the Babygogo mobile app that connects parents with child healthcare experts, raised Rs 2 crore ($300,000) in a seed funding round.
Transcell is the 11th deal for the Indian Angel Network so far this year, according to VCCEdge, the data-research platform of VCCircle. Earlier this month, it invested $300,000 (around Rs 2 crore) in Chennai-based robotics training startup SP Robotics Works Pvt Ltd. Styledotme Fashion and Lifestyle Pvt Ltd, which operates mobile fashion app Styledotme, and Roadhouse Hostels Pvt Ltd, which runs a chain of hostels targeted at backpackers, are among the other companies where IAN has invested this year.