Eyestem raises $6.4 million in Series A funding from Biological E, Alkem, others
- ByStartupStory | August 8, 2022
Eyestem, a Bengaluru-based cell therapy startup, has secured $6.4 million (Rs 51 crore) in a Series A round-headed by three pharma giants: Biological E Limited (BE), Alkem, NATCO, and Kemwell Biopharma entrepreneurs Anurag and Karan Bagaria. Endiya Partners and Kotak Private Equity, both existing investors, also participated in the financing round, valuing Eyestem at $46.4 million (Rs 371 crore) post-money.
“We created Eyestem with the express objective of being able to produce cell therapy solutions at scale for diseases that destroy a substantial amount of people in India and throughout the world,” stated Dr. Jogin Desai, Founder, and CEO of Eyestem. The backing of big Indian pharmaceutical firms that share our goal validates our strategy of generating inexpensive innovation for patients all around the world. Post this financing, we will stay engaged in strengthening our cell treatment platform and advancing our flagship product for Dry AMD through initial clinical trials of global standards.”
“We are extremely glad to be involved with Eyestem for its innovative work that serves unmet requirements of patients that have a substantial impact on quality of life,” stated Rajeev Nannapaneni, CEO of NATCO Pharma Limited. “Endiya Partners is happy to sponsor such strong, internationally competitive creative firms and participate in the current financing round,” stated Dr. Ramesh Byrapaneni, Managing Partner of Endiya Partners. The inclusion of renowned pharma and biotech investors to our capitalization table is a fantastic endorsement of the world-class research that Eyestem is conducting, which has the potential to impact millions of lives across the world.”
Eyestem was founded in 2016 by skilled professionals of clinical research, regenerative medicine, and ophthalmology experts. It is advised by a board of directors and has established collaborations with several other leaders in associated scientific disciplines in India, the United Kingdom, Japan, and the United States. Long-term goals include developing a scalable cell therapy platform to cure incurable diseases and democratizing worldwide access to these newer technologies.
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