A data science company called Elucidata Corporation announced that it raised a seed funding amounting to $1.7 million carried out by Hyperplane Venture Capital.
Along with Hyperplane Venture, other angel investors were a part of the seed funding round as well. The backed company has already started working well and has gained profitability.
Elucidata Corporation plans to utilize these funds in the expansion process and to transform drug discovery. It wants to grow its team and operations in New Delhi and also introduce some fresh discovery tools for the process of discovering drugs. The company is planning to grow and expand extensively.
“The potential for Elucidata’s platform to improve the lives of countless people — from those suffering from diabetes to a wide range of other diseases — is unprecedented,” said Vivjan Myrto, Managing Partner at Hyperplane Venture Capital.
Talking about Elucidata, the company focuses mainly on developing tools and software solutions for drug discovery. Elucidata’s tools enable drug discovery scientists to analyze complex datasets and effectively allow drug discovery. The India and US-based startup was founded in 2015 by IIT Mumbai graduate Abhishek Jha and IIT Delhi alumnus Swetabh Pathak.
“The way biological data is used to drive discovery in the industry is often slow and cumbersome. We look to address the needs of the scientists who are discovering new life-saving drugs,” said Elucidata’s co-founder Abhishek Jha. “While data generation has been modernized, data analysis for drug discovery is lagging. We aim to bridge this gap and impact human lives in profound ways,” he added.
The company’s core product is a cloud-based data analytics platform called Polly. This year, Elucidata has also released a metabolomics platform to manage, process, analyze, and visualize multi-omics data. Over the past three years, the company has also associated with 15 biotech and pharmaceutical companies to smoothen their drug discovery process.