Pandorum Technologies Secures Rs 71.5 Crore Funding
Pandorum Technologies, a biotechnology startup located in Bengaluru, is currently in the process of acquiring an extra Rs 71.5 crore ($8 million) during its ongoing Series B funding round. The initiative is being spearheaded by Trufort Fund Limited, with contributions from Gauri Khan Family Trust and existing investors such as Protons Corporate and Noblevast Advisory, among others. Recently, the company secured a $10 million tranche, led by Protons Corporate and supported by Ashish Kacholia and others, as reported exclusively by Startup Superb.
The board of Pandorum has approved a plan to issue 29,893 Series B cumulative compulsory convertible preference shares at the price of Rs 23,920 each, in order to raise the specified amount, as indicated in their filing with the Registrar of Companies (RoC). Trufort Fund Ltd will take the lead with an investment of Rs 20 crore, followed by Protons Corporate and Saumik Doshi, each committing Rs 10 crore. Noblevast Advisory and Gauri Khan Family Trust will also contribute Rs 9.5 crore and Rs 5 crore, respectively. The remaining Rs 27 crore will be sourced from Avinya Ventures, Auraplus Services, Gyan Enterprises, Milind Bafna, and Rajaram Ajgaonkar.
This new funding will serve to address the operational demands of the company, facilitate its expansion plans, and lend financial support to its wholly owned subsidiaries. Based on an analysis from Startup Superb, Pandorum Technologies is projected to hold a valuation of approximately Rs 822 crore (around $91 million) post-money.
Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies focuses on developing laboratory-grown human tissues for purposes such as drug discovery and regenerative medicine. The company offers engineered liver and corneal models created through its proprietary bioprinting platform, aimed at delivering high precision for pharmaceutical testing and research.
According to various reports, Pandorum has successfully raised nearly $43 million to date, which includes the $11 million obtained last year as part of its Series A extension. The company has yet to disclose its FY25 financial figures. In FY24, Pandorum remained in the pre-revenue phase while reporting losses amounting to Rs 28.2 crore.