Bengaluru-based biotechnology startup Zumutor Biologics today announced it has raised $6.2 million (about Rs 46.9 crore) in a Series A4 funding round led by Accel, Bharat Innovation Fund (BIF), and Siana Capital.
Previously, Zumutor Biologics had raised funding from Chiratae Ventures, Aarin Capital, and Karnataka Information Technology Venture Capital Fund (KITVEN). Following the current round, the startup’s total amount raised now stands at over $26 million.
With this round of fudning, Zumutor Biologics is looking investigative new drug finding in the beginning of next year and phase 1 clinical trials in the middle of next year, the statement said.
Additionally, the startup in a statement said that the completion of phase 1 trials will give it a lot of options in terms of strategic licensing of its lead asset, with a possibility of roping in biopharma companies to do phase 2-4 trials once the safety of the molecule is proven.
Incorporated in 2015, Zumutor has developed two antibody engineering platforms to facilitate its programme for discovery and development of immunotherapies (for cancer) that have the potential to be novel best-in-class monotherapies, and core components of innovative combination treatments.
Kavitha Iyer Rodrigues, Founder & CEO, Zumutor Biologics, said, “Our investors have shown immense trust and gumption in Zumutor’s tech capabilities to take the lead program ZM008, a first-in-class novel monoclonal antibody drug into IND filing and Phase 1 studies.”