Algorithmic Biologics (AlgoBio) has successfully raised $2.5 million in its pre-Series A funding round. The funding, led by Bharat Innovation Fund (BIF) and with participation from Axilor Ventures, positions AlgoBio to further enhance the efficiency and scalability of molecular testing through its advanced algorithms and artificial intelligence.
Investment Confidence: Bharat Innovation Fund, a renowned player in venture capital with a focus on disruptive innovation, took the lead in the pre-Series A round. This vote of confidence is a testament to AlgoBio’s potential to drive technological advancements in molecular testing. Axilor Ventures, known for its expertise in nurturing startups, also joined the round, providing not just financial support but valuable mentorship and industry connections.
Strategic Allocation of Funds: Founder Manoj Gopalkrishnan expressed enthusiasm about the strategic allocation of funds, emphasizing the importance of strengthening the product pipeline. AlgoBio aims to stay at the forefront of technological advancements, addressing the evolving needs across healthcare, pharmaceuticals, agriculture, and beyond.
Versatile Platform Technology: AlgoBio’s platform technology, described as a compression algorithm for molecular testing, has far-reaching applications in various industries. The startup initially gained recognition with its rapid Covid testing solution and is now extending its innovative Tapestry product to cover a broader range of diagnostic tests.
Real-world Impact: The success of Tapestry is evident in its contribution to affordable Covid-19 screening on campuses. AlgoBio’s commitment to leveraging advanced algorithms and artificial intelligence sets it apart in the competitive deeptech landscape, offering improved efficiency and scalability.
Expansion Plans: With the newly secured funds, AlgoBio plans to expand its sales team to drive market penetration and capture a larger share of the growing demand for advanced molecular testing solutions. Geographical expansion is also on the horizon, as the company aims to establish a stronger presence in various regions, recognizing global opportunities.
Strategic Partnerships: In a recent move, AlgoBio entered into a partnership with Dhiti Omics Technologies, a molecular diagnostics services firm in India. This collaborative effort is poised to yield synergies, accelerating advancements in molecular testing and benefiting both companies.
Global Impact: AlgoBio’s success in securing $2.5 million in funding positions the startup for accelerated growth, product innovation, and global expansion. With a visionary founder leading the way and a commitment to cutting-edge technologies, AlgoBio is set to make a lasting impact in the fields of deeptech, diagnostics, and beyond.
