A Tata Capital subsidiary was among the investors in a $27.4m round that will support development of Canscript, Mitra Biotech's oncology treatment analytics technology.
Mitra Biotech, a US-based cancer-focused biotechnology developer, has secured $27.4m in a series B round backed by conglomerate Tata’s Tata Capital Innovations Fund, according to LiveMint.
The round was co-led by Sequoia India and Sands Capital Ventures, with participation from RA Capital Management and Accel Partners.
The deal provided an exit to India Innovation Fund, which is managed by trade association Nasscom and research park IKP and backed by consultancy firm Tata Consultancy Services, telecommunications firm Airtel, IKP Trust and Small Industries Development Bank of India.
The publicly-backed Karnataka Information Technology Venture Capital Fund also exited through the round. The two funds invested $2.2m alongside Accel Partners in 2010, before India Innovation Fund, Tata Capital Innovations Fund and Accel injected a further $4.9m in 2013.
Mitra Biotech, founded in 2010, is working on technology called Canscript which can predict a patient’s response to cancer therapies. The money will support further development of Canscript.
Mallikarjun Sundaram, president, co-founder and chief executive of Mitra, said: “These new funds will allow us to enhance our technology and engage in new studies to further demonstrate Canscript’s clinical utility.
“We will also move forward with our commercial efforts in the United States, as well as emerging and other key markets.”
– This article first appeared on our sister site Global Corporate Venturing. This article has been amended following confirmation from MIT that the company is in fact not a spinout.
