Mitra Biotech gets $40m funding response

Mitra Biotech, a US-based medical response analysis technology developer, has closed a $40m funding round led by venture capital firm Northpond Ventures.
<!–
p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Helvetica}
span.s1 {font-kerning: none}
–>
VC firms Accel and Sequoia Capital, growth capital firm Sands Capital Ventures and investment manager RA Capital Management also joined the round.
Founded in 2010, Mitra is working on a platform, Canscript, that predicts how a patient will react to any given therapy, making it possible to offer personalised treatments.
Michael Rubin, chief executive and founder of Northpond, will join Mitra’s board of directors. The company will use the funding to expand its commercial activities and produce more clinical evidence to boost adoption of Canscript in the US.
Mitra also hopes to secure reimbursement in the US, which would enable healthcare providers to claim back the cost of using Canscript from insurance companies.
The company has raised $76m in funding to date. Sequoia and Sands Capital co-led a $27.4m series B round for it in 2016 that included conglomerate Tata’s subsidiary Tata Capital Innovations Fund, RA Capital Management and Accel.
The series B round provided an exit to India Innovation Fund, whose backers include consultancy Tata Consultancy Services and telecoms firm Airtel, and the state-backed Karnataka Information Technology Venture Capital Fund.
India Innovation Fund and Karnataka Information Technology Venture Capital Fund had joined Accel to invest $2.2m in Mitra in 2010, before India Innovation Fund, Tata Capital Innovations Fund and Accel supplied a further $4.9m in 2013.
– A version of this article first appeared on our sister site, Global Corporate Venturing. This article was amended on July 23 to reflect that Mitra has not licensed any intellectual property from Massachusetts Institute of Technology. We apologise for the confusion.