Bengaluru-based Pandorum Technologies Pvt. Ltd, which designs and makes human liver tissues using 3D printing tech, has raised $3.6 million (Rs 23 crore) in a Series A round, a company release said. The investors include Indian Angel Network, venture funds 021 Capital and 500 Startups, and the state government-backed Karnataka Information Technology Venture Capital Fund, the release added.
The round also saw participation from Pandorum’s first investor Binny Bansal, co-founder of ecommerce firm Flipkart, and new investor Sunil Kant Munjal, former joint managing director of two-wheeler manufacturer Hero MotoCorp. In December 2016, Pandorum secured its first investment from Flipkart’s founders, Sachin Bansal and Binny Bansal, according to VCCEdge, data platform of VCCircle. Bansal is also an investor in 021 Capital, which was set up by Sailesh Tulshan, investment advisor to Flipkart's Bansals.
Pandorum, which makes human tissues for medical research and therapeutics, will use the money to scale up operations, hire talent and deepen research and development, said the report.
The company was founded by the Indian Institute of Science alumni Arun Chandru and Tuhin Bhowmick in 2011.
Pandorum claims on its website to be the first in the country to design and 3D-print human liver tissues for medical research. The startup is presently working on bioengineering human cornea for possible implantation.
Pandorum’s vision is to make personalised human organs such as lungs, liver, kidney, and pancreas on demand.
"The current fundraising is to help us to make the transition from advanced prototype to market-ready product stage," said co-founder Bhowmick in the release.
"Pandorum’s bio-engineered cornea and lab-grown mini-liver can be instrumental in the future of regenerative therapy and drug development," said Bansal.
Pandorum had earlier raised money from the government of India-backed Biotechnology Industry Research Assistance Council and Flipkart co-founders Sachin and Binny Bansal.
In May 2017, the Karnataka government had awarded Rs 10 crore ($1.5 million) in grants to 26 biotech startups.