New Delhi: Elucidata, a biomedical molecular data company, on Thursday, said it has raised $5 million (Rs 36.4 crore) in its pre-Series A funding round led by IvyCap Ventures.
Boston-based seed stage firm Hyperplane Venture Capital and a few angel investors also participated in this round, said Elucidata in a statement.
Elucidata will use the funds to expand operations in the US and to accelerate product development. Part of the funds will also be used for hiring and marketing.
The Delhi, Cambridge, and Massachusetts-based startup was founded in 2015 by Abhishek Jha, Swetabh Pathak, and Richard Kibbey.
It is developing a drug-discovery platform called Polly. Scientists can access Polly to get curated and analysis-ready data from over 100,000 biomedical datasets.
The company currently has over 30 partners in industry and academia as customers, it said. Elucidata has offices in Cambridge, San Francisco, New Delhi, and Bengaluru.