Mynvax Raises $4.2M In Series A Funding Round Led By Accel
- ByAyushi Ray | July 20, 2021
Indian Institute of Science, Bangalore, incubated startup Mynvax raises $4.2M in Series A funding round led by Accel, LetsVenture, 1Crowd, Kotak Investment Advisors, and a few early-stage angel investors. According to an official statement, the funds will be utilised for clinical development of Mynvax’s novel recombinant vaccines for both COVID-19 and human influenza. Founded in 2017 by Dr Raghavan Varadarajan, Professor at IISc, Bangalore, and Dr Gautham Nadig, an alumnus of the institute, Mynvax aims to develop novel recombinant vaccines to fight the human influenza virus. This development comes in after the company published its study reporting its heat-tolerant coronavirus “warm vaccine” candidate, last year, a vaccine which can be stored in as high a temperature as 37°C.
“In addition to expeditiously advancing its existing vaccine candidates, both in India and overseas, the company would also invest in developing new vaccine modalities,” Dr Nadig, Co-founder and Executive Director, Mynvax, said in a statement. He also revealed that Mynvax is looking to build partnerships with large vaccine manufacturers to accelerate the manufacturing of the vaccines. Speaking about the investment, Mahendran Balachandran, Partner at Accel, said that Mynvax has the potential to bring positive change in the global vaccine landscape for respiratory illness. “Accel is excited to lead the investment in Mynvax. We strongly believe their platform has the potential to make a huge positive change in the global vaccine landscape for major respiratory illnesses,” he added.
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