Cell therapy startup Eyestem Research Pvt. Ltd, on Monday said it has raised Series A funding of $6.4 million (around Rs 49 crore) from Biological E Limited, Alkem Labs, Natco Pharma and promoters of Kemwell Biopharma (Anurag and Karan Bagaria).
The round also saw participation from existing investors like Endiya Partners and Kotak Private Equity, which valued the company at $46.4 million.
The Bengaluru and Delaware headquartered firm will use the fresh funds to strengthen its cell therapy platform and also move its Dry AMD product through early clinical trials of global standard.
Eyestem, founded by Jogin Desai, Rajarshi Pal and Rajani Battu in 2016, treats incurable diseases by replacing the cells that are lost to conditions such as idiopathic pulmonary fibrosis, age-related macular degeneration and retinitis pigmentosa.
“We started Eyestem with the sole purpose of being able to create cell therapy products at scale for diseases that affect a large number of people in India and the world. The support of major Indian pharma companies who share our vision endorses our strategy of developing affordable innovation for patients worldwide,” said Jogin Desai, founder and chief executive officer of Eyestem.
“The addition of pharma and biotech investors on our cap table is a validation of the world class science that Eyestem is pursuing," said Ramesh Byrapaneni, managing partner of Endiya Partners.
Biological E Ltd was set up in 1953. It is promoted by managing director and chief executive officer Mahima Datla, who holds a majority of its shares. The remaining stake is held by members of her family, according to IFC.
There have been quite a few investments in the medical-technology space in recent years. Although the space has witnessed slow funding during pandemic, but it has again started gaining investors’ attention in the post pandemic times.
Last month, Canbank Venture Capital Fund Ltd has invested $1 million in personalized healthcare management platform, Zyla Health Pvt. Ltd.
Similarly, Eye care chain ASG Hospital Pvt. Ltd also raised Rs 1,500 crore in a round led by new investors General Atlantic and Kedaara Capital.
In another fundraise, Fitterfly Healthtech Pvt. Ltd raised $12 million in a Series A round led by Amazon Smbhav Venture Fund and Fireside Ventures, marking Amazon Smbhav’s first healthtech bet in India.