Deeptech startup Algorithmic Biologics Pvt. Ltd (AlgoBio) has raised $2.5 million (Rs 20.7 crore) in a pre-Series A funding round led by Bharat Innovation Fund (BIF).
The round also saw participation from existing investor Axilor Ventures.
The startup will use the fresh proceeds to support the product pipeline, build its sales team and expand its presence across geographies.
Founded by Manoj Gopalkrishnan, a professor at the Indian Institute of Technology (IIT) Bombay, AlgoBio uses advanced algorithms and artificial intelligence (AI) to improve molecular testing efficiency and scale.
"Tapestry is providing affordable genomics sequencing for all, in collaboration with genomics labs," said Gopalkrishnan, who is also its chief executive officer.
Its patented Tapestry platform, which is based on molecular computing and artificial intelligence (AI), allows for large-scale molecular testing with efficiency and accuracy.
“Molecular diagnostics is an important tool in the biotech field, contributing to advancements in healthcare through early disease diagnosis, mass population testing and enabling personalized medicine. AlgoBio democratises access to molecular tests through their Tapestry Platform,” said Som Pal Choudhury, co-founder and partner at BIF.
The startup recently partnered with Dhiti Omics Technologies, a molecular diagnostics services firm in India. In 2022, the startup raised an undisclosed amount in its seed funding round from Axilor Ventures.
Bharat Innovation Fund (BIF) is an early-stage deep-tech investment firm based out of Bangalore. It is part of the Indian Institute of Management (IIM) Ahmedabad's incubator Centre for Innovation, Incubation and Entrepreneurship (CIIE).
In 2022, the fund marked the final close of its $100-million venture fund that focuses on early-stage deep-tech investments. The fund aims to support startups in healthcare, agriculture, energy, fintech, digital and other emerging sectors. It will invest in the pre-Series A and Series A stages.
It counts startups like credit-scoring platform CreditVidya, biotech firm Zumutor, emotion recognition startup Entropik, and AI-based vPhrase Analytics, as part of its portfolio.