Elucidata - Indian Biomedical Startup Acquires $5m In Pre-Series A Funding

CIOReviewIndia Team | Friday, 29 January 2021, 04:14 IST

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Founded in 2016, by the University of Chicago and Massachusetts Institute of Technology graduate Abhishek Jham IIT Delhi graduate Swetabh Pathak, and Yale School of Medicine graduate Richar Kibbey, Elucidata operates a proprietary cloud platform Polly. It houses a large repository of biomedical data for drug discovery and development.

The biomedical firm said it has secured US$ 5 million in a pre-series A round led by the local VC firm IvyCap Ventures.

The fund raised also witnessed participation from Hyperplane Venture Capital and other angel backers.

Elucidata also claims that it has platform for scientists can get access to curated data from more than 100,000 biomedical datasets, a number doubling each quarter.

Elucidata plans of using new funds for speeding up product development and bolster its marketing efforts, strengthen its team in India, while expand US operations.

The Managing Partner of Hyperplane, Naimish Patel, said, “Having already demonstrated clear product-market fit and grown a strong base of top-tier pharmaceutical and biotech customers, this new infusion of capital positions the company for accelerated market growth in the years to come.”

As per the statement, Elucidata has attracted over 30 partners in the market as clients since launch of Polly in 2019. In the previous seven months, Elucidata claims of witnessing increased demand and expansion of adoption among enterprise clients like Genentech, TRV, Alnylam Therapeutics, and Agios.

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