This round was managed by Eight Roads Ventures, True North Fund VI LLP and F-Prime Capital, with participation from other investors
The money will allow us to build an enterprise of quality and commitment that will encourage global innovators to think about working with us: Immuneel cofounder
Immuneel which was established in 2019 offers the gene and cell therapy program for patients with cancer.
Biotech company Immuneel Therapeutics, cofounded by Kiran Mazumdar-Shaw the company on Tuesday (June 21) announced that it had has raised more than $15 million during a Series A capital round in April of this year.
It was led by Eight Roads Ventures, True North Fund VI LLP and F-Prime Capital, with participation by other investors. The company plans to use the funds to expand operations and expand it’s development plan.
“Our aim is to offer the patients of India with treatments that could be transformative and to provide access at a reasonable cost to therapies such as CAR T (chimeric antigen receptor T-cell therapy) as well as other advanced treatments. As we develop our leading programs, this funding will allow us to continue to build an enduring and reliable business for innovators from around the world to consider working with us to facilitate access to patients within this region.” Immuneel cofounder Kush Parmar stated.
Immuneel established in 2019 by Biocon chairpersons Shaw, Siddhartha Mukherjee and Parmar Immuneel offers the gene and cell therapy therapies for patients with cancer. The company partners with top hospitals to provide services like cell-based immunotherapies to treat many blood cancers.
The biotech industry is witnessing a lot of activity. The government is also encouraging companies in this sector. This month, a massive biotech startup fair was organized by the Centre that was attended by the Prime Minister Narendra Modi, as well as other senior ministers.
The event was attended by Modi stated the fact that over 1,100 biotech-related startups have emerged from India within the last year.
In May in May, this year, Union administration also unveiled a national website for biotech companies and researchers throughout the country. Within their Budget 2022 speech the finance minister Nirmala Sitharaman also said that biotech and genomics would receive support from policies as well as light-touch regulations.
The Indian biotechnology sector has been believedto be worth $63 billion in 2019. It is expected to reach the $150 billion mark by 2025.
The major biotech companies are Biocon, Serum Institute of India, Bharat Biotech, MedGenome among others.
Recently, biotech company MicroGO has raised 6 crore in an initial round of funding. In May the month of May, the venture capital (VC) firm Eight Roads Ventures announced the launch of its $250 million dedicated health and life sciences fund.
The biotech start-up Zaara has raised an unannounced amount of money from the US-based Transcend International. The Bengaluru-based Bugworks Research has raised $18 million in its Series B1 round in the first quarter of this year. The round was managed by Lightrock India.