Indian biotech startup Pandorum Technologies is in the process of securing $8 million (INR 64.8 crore) in a fresh funding round, with notable investor Ashish Kacholia and Everest Finance and Investment Company, the finance arm of Everest Foods, participating. The startup’s board of directors approved the capital infusion through the issuance of approximately 43,000 Series A1 Compulsorily Convertible Preference Shares (CCPS) in late December.
Of the targeted funding, Pandorum has already raised $5.8 million (INR 48.8 crore) from investors such as Kacholia, Everest Finance, Fastmover Advisory LLP, and Equipact Advisory LLP. The remaining funds are expected to be secured in the upcoming days.
Established in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum specializes in tissue technology and regenerative medicine. The company’s proprietary technology platform focuses on developing functional human tissues, including bio-engineered cornea and liver, for medical research and therapeutic applications. Pandorum is also expanding its efforts in cell-free therapies for tissue repair and regeneration.
The biotech firm operates primarily in India and maintains a presence in the United States, with research and development labs located in Bengaluru, Medical University of South Carolina (MUSC) at Charleston, and MBC BioLabs in the Bay Area. Pandorum previously secured $4.8 million (INR 40 crore) in funding from Sunil Kant Munjal of Hero Enterprise in August the previous year, following a $3.6 million Series A round in 2018 from investors like Indian Angel Network, Binny Bansal’s 021 Capital, Karnataka Information Technology Venture Capital Fund, and Munjal. The startup has collaborated with institutions such as the Medical University of South Carolina and Dr Shroff’s Charity Eye Hospital on various projects.