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Cell therapy startup Eyestem Research Pvt. Ltd, on Monday said it has raised Series A funding of $6. 4 million (around Rs 49 crore) from Biological E Limited, Alkem Labs, Natco Pharma and promoters associated with Kemwell Biopharma (Anurag plus Karan Bagaria).

The round also saw participation through existing investors like Endiya Partners and Kotak Private Equity, which valued the company at $46. 4 million.

The Bengaluru and Delaware headquartered firm will use the fresh funds to strengthen its cell therapy platform and also move its Dry AMD product through early clinical trials of global standard.

Eyestem, founded by Jogin Desai, Rajarshi Pal plus Rajani Battu in 2016, treats incurable diseases by replacing the particular cells that are lost to conditions such as idiopathic pulmonary fibrosis, age-related macular degeneration and retinitis pigmentosa.

“We started Eyestem with the sole purpose of being able to create cellular therapy products at scale for diseases that affect a large number associated with people within India and the world. The support of major Indian pharma companies who share our vision endorses our strategy of developing affordable innovation for patients worldwide, ” said Jogin Desai, founder and chief executive officer of Eyestem.

“The addition of pharma and biotech investors on our cap table is a validation of the world class science that Eyestem is pursuing, ” said Ramesh Byrapaneni, managing partner associated with Endiya Partners.    

Biological Electronic Ltd was set up in 1953. It is promoted simply by managing director and chief executive officer Mahima Datla, who holds a majority of the shares. The remaining stake is held by members of her family, according to IFC.

There have been quite the few investments in the particular medical-technology space in recent years.   Although the area has witnessed slow funding during pandemic, but it has again started gaining investors’ attention in the post pandemic times.

Last month, Canbank Venture Capital Fund Limited has invested $1 mil in personalized healthcare management platform, Zyla Health Pvt. Ltd.

Similarly, Eye care chain ASG Hospital Pvt. Ltd furthermore raised Rs 1, 500 crore in a round led by new traders General Atlantic and Kedaara Capital.    

In another fundraise, Fitterfly Healthtech Pvt. Ltd raised $12 million in a Series The round led by Amazon Smbhav Venture Fund plus Fireside Ventures, marking Amazon . com Smbhav’s first healthtech bet in India.

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