Eyestem Research Secures $10 Million in Series B Funding
Eyestem Research, a clinical-stage biotech firm, has recently obtained $10 million from a Series B funding round, headed by Prabhavati Agro Green Energies, with contributions from Jacesa Investments, BNS Capital, Alkem Labs, and others. The Bengaluru-based company has not revealed key information such as its post-money valuation and shareholding details in its announcement.
Startup Superb has examined regulatory filings to reveal important details. Eyestem’s board has issued 45,502 Series B compulsory convertible preference shares at an issue price of Rs 19,010 each to achieve the funding amount mentioned above.
Funding Details by Investors
The funding round was led by Prabhavati Agro Green Energies, which invested Rs 45 crore ($5.2 million), followed closely by Jacesa Investments with Rs 17 crore. Fastspeed Vanijya and angel investor Inderjit Kaur Arora each invested Rs 5 crore, while existing investors Alkem Laboratories and NATCO Pharma contributed Rs 4 crore and Rs 2 crore, respectively. The remaining funds were covered by BNS Capital, Satprem Trust, and other angel investors.
Startup Superb estimates that Eyestem’s valuation surged nearly 70% to Rs 592 crore ($67 million) post-money, up from Rs 350 crore in its previous Series A round, which raised $6.4 million in August 2022.
According to various sources from the startup data intelligence platform, Eyestem has accumulated around $20 million in total funding to date. After the latest allotment, Jacesa Investments has emerged as the largest external shareholder with a 12.5% stake, followed by Cytespace and Endiya Partners, owning 9.64% and 7.12% respectively. New investor Prabhavati Agro Green Energies holds a 6.76% share, while co-founders Jogin Desai and Rajani Battu retain a combined total of 21.19%.
About Eyestem Research
Founded in 2015 by Jogin Desai, Rajani Battu, and Rajarshi Pal, Eyestem is focused on creating cell replacement therapies for challenging eye diseases. The Bengaluru-based company is currently developing Eyecyte-RPE, a treatment for dry age-related macular degeneration (AMD) that utilises retinal pigment epithelium (RPE) cells derived from human stem cells to mend damaged retinal tissue.
Financial Performance of Eyestem
The company is still at the pre-revenue stage and has not reported any operational income; however, it achieved Rs 2.92 crore in non-operating income during FY24. Simultaneously, it recorded a net loss of Rs 12.18 crore. Figures for FY25 are yet to be revealed.