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,