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CAMBRIDGE, Mass., Feb. 4, 2021 /PRNewswire/
Elucidata, a biomedical molecular data company, announced today that it has closed a $5 million pre-Series A funding round led by IvyCap Ventures. The financing round also included participation from Hyperplane Venture Capital and several angel investors.
This new round of funding will enable Elucidata to capitalize on its position as a leading provider of structured biomedical molecular data to the life sciences industry. The company plans to use the funding to accelerate product development, expand its commercial efforts, and continue hiring world-class talent. In the pharma industry, biomedical data of drug discovery is increasing in diversity and volume at a rapid rate, said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures. In this scenario, it gives us immense pleasure to collaborate with Elucidata which is driven by its vision of accelerating drug discovery. Their platform, Polly, makes
Indian biomedical startup Elucidata raises $5 million in pre-series A funding round firstpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from firstpost.com Daily Mail and Mail on Sunday newspapers.
Biomedical molecular data firm
Elucidata on Thursday said it has raised $5 million (around Rs 36 crore) in a funding round led by
IvyCap Ventures. The
Hyperplane Venture Capital and a few angel investors, Elucidata said in a statement.
The funding will enable the startup to capitalise on its position as a leading provider of structured biomedical molecular data to the life sciences industry, it added.
Elucidata plans to use the funding to accelerate product development, expand its US operations, bolster marketing efforts, and continue hiring world-class talent in India.
Commenting on the investment,
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said,
Indico, a Boston, MA-based provider of enterprise AI solutions for intelligent process automation, raised $22m in series B funding.
The round, which brought total capital raised to date to $36m, was co-led by Jump Capital and Sandbox Ventures with participation from .406 Ventures, Osage Venture Partners, Hyperplane Venture Capital, and Boston Seed Capital as well as a new investment from Nationwide’s venture capital arm. With the Series B financing, Indico added two new board members, Chris Zock from Sandbox Ventures and Saurabh Sharma from Jump Capital to provide industry knowledge and guidance.
The company intends to use the funds to continue to expand operations and its business reach. As part of its continued investments in the product and technology, the company plans to double headcount in 2021, including new leadership hires in sales, partnerships, marketing, finance and solution engineering and expand its channel relationships and integration partnerships to further b