Bangalore-based Mitra Biotech Pvt Ltd, which focuses on personalised cancer care and rational drug development, has raised another round of funding from Tata Capital Innovations Fund, a domestic venture capital fund managed by Tata Capital. Two of its three existing investors- Accel Partners India and India Innovation Fund also participated in the round.
As part of this transaction, Mohan Harshey and Vineet Chadha–partners at Tata Capital—will join the board of Mitra.
This is second round of funding by the company. In 2010, Mitra raised around $2.2 million from KITVEN Fund, Accel and India Innovation Fund.
Dr Mallik Sundaram, CEO and co-founder of Mitra Biotech told VCCircle that this was a primary transaction and the earlier investor KITVEN Fund is still with the company.
“We are right now developing Oncoprint which is used for selecting appropriate drug combination for treatment of cancer patients. We will use this funding to roll out Oncoprint commercially in India and the US by the end of this year,” Sundaram said.
According to Sundaram, Mitra is going to invest $1 million for commercialising Oncoprint besides developing the second generation of this product. The company has already done a limited launch of this product in hospitals in the country, including HCG Oncology.
Apart from this, the company will invest to get accreditation for its labs in India and the US.
Sundaram did not comment on the quantum of funds raised in the latest round but a report in The Economic Times pegged it at Rs 40 crore.
Masterkey Holdings was the sole advisor in the latest transaction.
Founded by MIT adjunct faculty Sundaram and ex-faculty of Harvard Medical School Dr Pradip Majumder in 2009, the company is focused on enabling personalised cancer care and rational drug development.
Mitra has partnered with cancer hospitals like Tata Memorial Hospital, Mazumdar-Shaw Cancer Center, Kidwai Memorial Center and HCG Cancer Network.
(Edited by Joby Puthuparampil Johnson)
