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Tata Capital Innovations Fund, a domestic venture capital fund managed by Tata Capital, which is the corporate venturing unit of India industrial group Tata, has invested an undisclosed amount of capital in Mitra Biotech Private Ltd (Mitra). The funding was raised to help the company scale up its go-to-market strategy and to expand in India as well as abroad. The deal is the company’s series B round of funding. In 2010, the company raised $2.2m in a series A round of funding. Existing backers include Accel Partners, Kitven Fund and India Innovation Fund. The company also has several angel investors. Founded in 2009 as an MIT/Harvard spinoff, Mitra is now based in Bangalore, as a translational biology company focused on cancer care to patients through its proprietary patient segregation model Oncoprint. Its technology determines the optimal drug or drug combination for a patient under investigation, reducing overall treatment cycle and avoiding toxicity that arises from non-optimal drugs. The assays are carried out on patients’ own tumours by recreating human-tumour microenvironment on plates to ensure high specificity. The investment will help the business become a partner for leading healthcare providers, pharmaceutical & biotech companies by strengthening its business development, marketing and R&D teams. “Cancer is no more a disease of old age. With changes in lifestyle, the number of cases of cancer being reported by various sections of population has been on the increase. It is an opportune time to create awareness about personalized cancer treatment and its affordability,” said Mohan Harshey, Partner – Private Equity, Tata Capital. Tata Capital’s Mohan Harshey and Vineet Chadha have joined the Mitra board. Masterkey Holdings Pvt. Ltd. were the sole advisors on the deal. |
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