Biotech startup Mynvax has successfully raised Rs 21.63 crore (approximately $2.6 million) in an extended Series A funding round, spearheaded by Inviga Healthcare Fund. This significant investment marks a renewed phase of financial infusion for the Bengaluru-based company after a hiatus of nearly three years.
According to regulatory filings accessed from the Registrar of Companies (RoC), the board at Mynvax approved a special resolution to issue 5,127 Series A1 CCPS at an issue price of Rs 42,182 per share, amounting to Rs 21.63 crore. In this round, Inviga Healthcare Fund contributed Rs 15 crore, Legacy Assets LLP invested Rs 2 crore, while the remaining funds were sourced from 27 other investors in smaller proportions.
To date, Mynvax has accumulated approximately $9-10 million in funding. This includes a $4.2 million Series A round led by Accel, with additional investments from Lets Venture, 1Cword, Kotak Investments, and others. Following the latest round, Accel continues to hold the largest external stake with 15.63%, followed by Kotak Investment and Inviga. The co-founders, Raghavan Varadarajan and Gautam Nadig, collectively hold a 24.7% stake in the company.
Founded in 2017, Mynvax specializes in the development of novel, engineered protein subunit vaccines, utilizing their proprietary technology for protein stabilization. The company has made significant strides in creating influenza vaccines and thermo-tolerant, efficacious vaccines designed to protect against SARS-CoV-2 and its evolving variants.
This fresh infusion of capital will likely bolster Mynvax’s ongoing research and development efforts, paving the way for advancements in vaccine technology and broader immunization solutions.
