Deeptech startup AlgoBio raises $2.5M in a pre-Series A round led by BIF, Axilor

Deeptech startup Algorithmic Biologics Pvt. Ltd (AlgoBio) recently raised $2.5 million in a pre-Series A funding round led by Bharat Innovation Fund (BIF), with participation from Axilor Ventures.

Founded by IIT Bombay professor Manoj Gopalkrishnan, AlgoBio specialises in using advanced algorithms and artificial intelligence (AI) to enhance the efficiency and scale of molecular testing.

What will AlgoBio do with the funding?

According to the company's statement, the raised capital would be utilized to support its product pipeline, build its sales team, and expand its presence across different geographies. 

AlgoBio's patented platform Tapestry

AlgoBio's patented platform, Tapestry, employs molecular computing and AI to facilitate large-scale molecular testing with high efficiency and accuracy.

The platform technology is likened to a compression algorithm for molecular testing, with wide-ranging applications in healthcare, pharmaceuticals, agriculture, and more.

Initially focusing on a patented rapid COVID testing solution, The startup is now extending its innovative approach to other diagnostic tests, making affordable genomics sequencing accessible to all.

Investors and partnerships

Prior to this round, the startup raised an undisclosed amount from Axilor Ventures. It has also formed a partnership with Dhiti Omics Technologies, a firm specializing in molecular diagnostics services in India.

Bharat Innovation Fund, a key investor in this round, is an early-stage deep-tech investment firm based in Bangalore, supporting startups across various sectors including healthcare and biotech.

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