Exclusive: Biotech firm Pandorum to raise $10 Mn in Series B

Pandorum Technologies, a Bengaluru-based biotechnology startup focused on tissue engineering, is raising Rs 85 crore (around $10 million) in its Series B round led by Protons Corporate, along with participation from a clutch of other investors. 

The company’s board has approved a special resolution to issue 35,326 Series B preference shares at an issue price of Rs 23,920 each, according to regulatory filings sourced from the Registrar of Companies.

Protons Corporate, managed by Anand Karbhari, is leading the round with Rs 27 crore, while Noblevast Advisory is contributing Rs 16.1 crore. A set of well-known angel investors, including Ashish Kacholia, Ankit Kawatra, Kishore Jagjival Gokal, Srinivas Rao Ravuri, and Kailash Ramlal Jhaveri, are also participating in the fundraising. 

As per the filings, Pandorum has already received Rs 45 crore from this round, with the remaining capital expected to be infused soon.

The fresh funds will be deployed towards the company’s operational requirements, expansion plans, and to provide financial support to its wholly-owned subsidiaries. Entrackr’s estimates peg Pandorum’s post-money valuation at around Rs 750 crore ($85 million) following this transaction.

Before this round, the company had secured $11 million last year as an extension of its Series A. Earlier, it had raised Rs 41 crore in 2020 and Rs 23 crore in 2017.

Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies builds lab-grown human tissues for drug discovery and regenerative medicine. Its engineered liver and corneal models, developed on a proprietary bioprinting platform, are used by pharma companies for high-precision testing and research.

The company monetises through contract research, licensing, and long-term co-development partnerships, positioning it among the few IP-heavy deep-science ventures in India.

Pandorum is yet to file its FY25 numbers. In FY24, Pandorum remained in the pre-revenue stage while posting losses of Rs 28.2 crore.