Algorithmic Biologics Pvt. Ltd (AlgoBio), a deeptech startup, recently secured $2.5 million in a pre-Series A funding round led by Bharat Innovation Fund (BIF), with Axilor Ventures also participating. Founded by IIT Bombay professor Manoj Gopalkrishnan, AlgoBio specializes in leveraging advanced algorithms and artificial intelligence (AI) to improve the efficiency and scalability of molecular testing.
As per the company’s announcement, the raised funds will be allocated towards bolstering its product pipeline, expanding its sales team, and broadening its footprint across various regions. AlgoBio’s proprietary platform, Tapestry, integrates molecular computing and AI to enable large-scale molecular testing with heightened efficiency and precision. This platform technology is likened to a compression algorithm for molecular testing, offering diverse applications in healthcare, pharmaceuticals, agriculture, and beyond.
Initially concentrating on a patented rapid COVID testing solution, the startup is now extending its innovative approach to encompass other diagnostic tests, aiming to make affordable genomics sequencing accessible to all. Prior to this funding round, AlgoBio had received an undisclosed investment from Axilor Ventures and forged a partnership with Dhiti Omics Technologies, a company specializing in molecular diagnostics services in India.
Bharat Innovation Fund, a prominent investor in this round, is an early-stage deep-tech investment firm headquartered in Bangalore, extending support to startups across various sectors, including healthcare and biotech.
