Leading the pre-series A funding round, AlgoBio, a deeptech startup, raised $2.5 million from the Bharat Innovation Fund (BIF). Axilor Ventures also participated in the round.
Before this funding round, in January 2022, the startup had received an undisclosed sum from Axilor Lab.
The company plans to use the additional funds to develop its sales force, support its product pipeline, and broaden its geographic reach.
AlgoBio, founded by Manoj Gopalkrishnan, increases the scale and efficiency of molecular testing by utilizing artificial intelligence and sophisticated algorithms.
Applied in healthcare, pharmaceuticals, agriculture, animal husbandry, food safety, synthetic biology, and molecular biology research, AlgoBio’s platform technology functions as a molecular testing equivalent of a compression algorithm.
AlgoBio launched its fast Covid testing solution with a patent, and now it is expanding its offering to include additional diagnostic tests. Campuses can now affordably screen for Covid-19 due to the company’s product, Tapestry.
The startup and Dhiti Omics Technologies, an Indian provider of molecular diagnostic services, recently partnered.
