Biotechnology startup Shilps Sciences Pvt Ltd on Monday said it has closed its pre-Series A funding round led by investment crowdfunding platform AngelList.
Existing investors also participated in this funding round, said Shilps in a statement without disclosing financial details of the transaction. The company had earlier received grant support from the Department of Biotechnology and equity investments from the Indian government’s Center for Cellular and Molecular Platforms.
Shilps Sciences, which was founded in 2014, says its ‘nano-bioreactors on a chip’ technology helps clients analyse single cells for various therapeutic applications, including antibody production and T-Cell therapy that is used for cancer treatment.
The global market for cell analysis was an estimated $16 billion last year and is expected to reach $22.7 billion by 2024, the statement noted.
Biotechnology companies have been attracting angel and venture funding as the need for more research and development increases.