Healthtech Elucidata Raises $5 Mn In Pre-Series A Funding Round Led By IvyCap Ventures
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Biomedical molecular data company Elucidata on Thursday said it has raised $5 million in its pre-Series A funding round led by IvyCap Ventures. Boston-based seed-stage firm Hyperplane Venture Capital and a few angel investors also participated in this round, a statement said.
The funds will be used to expand operations in the US and to accelerate product development. Part of the funds will also be used for hiring and marketing.
The Delhi, Cambridge, and Massachusetts-based startup was founded in 2015 by Abhishek Jha, Swetabh Pathak and Richard Kibbey.
It is developing a drug-discovery platform called Polly. Scientists can access Polly to get curated and analysis-ready data from over 100,000 biomedical datasets, the statement further said.
The company currently has over 30 partners in industry and academia as customers, it said. Elucidata has offices in Cambridge, San Francisco, New Delhi, and Bengaluru.
Vikram Gupta, founder and managing partner, IvyCap Ventures, said that the investment in Elucidata was driven by how biomedical data relating to drug discovery is increasing in diversity and volume at a rapid rate.
Launched in 2011 by Gupta, the firm focuses on an entrepreneur-centric investment approach, with an emphasis on sectors such as consumer, healthcare, enterprise technology, financial technology, and emerging technology. Its other healthcare bets include Pharmarack and BeYouPlus.