spot_img

Deeptech startup AlgoBio raises $2.5M in a pre-Series A round led by BIF, Axilor

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.

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
Reproduction or Copying in part or whole is not permitted unless approved by author.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Sign Up for CXO Digital Pulse Newsletters

Sign Up for CXO Digital Pulse Newsletters to Download the Research Report

Sign Up for CXO Digital Pulse Newsletters to Download the Coffee Table Book

Sign Up for CXO Digital Pulse Newsletters to Download the Vision 2023 Research Report

Download 8 Key Insights for Manufacturing for 2023 Report

Sign Up for CISO Handbook 2023

Download India’s Cybersecurity Outlook 2023 Report