In a significant development in deep-tech startups, Algorithmic Biologics, widely known as AlgoBio, has successfully raised $2.5 million in its pre-Series A funding round. The funding was led by Bharat Innovation Fund (BIF), with notable participation from Axilor Ventures. This financial boost follows an undisclosed investment from Axilor Lab in January 2022, underlining the growing confidence in AlgoBio’s groundbreaking approach.
Founded by the visionary Manoj Gopalkrishnan, AlgoBio harnesses the power of advanced algorithms and artificial intelligence to enhance the efficiency and scalability of molecular testing. The latest round of funding will play a pivotal role in supporting AlgoBio’s ambitious product pipeline, expanding its sales team, and establishing a more robust global presence.
AlgoBio’s platform technology operates like a compression algorithm for molecular testing, showcasing versatile applications in healthcare, pharmaceuticals, agriculture, animal husbandry, food safety, synthetic biology, and molecular biology research. The startup initially gained recognition for its patented rapid COVID testing solution, known as Tapestry, which has already made strides in enabling affordable screening for COVID-19 on various campuses.
The infusion of funds will empower AlgoBio to broaden its scope beyond Covid-19 testing, extending its innovative solutions to various diagnostic tests. The strategic partnership with Dhiti Omics Technologies, a prominent molecular diagnostics services firm in India, marks a recent milestone for AlgoBio, indicating a collaborative approach to further advancements in molecular testing.
Manoj Gopalkrishnan, the driving force behind AlgoBio, expressed excitement about the opportunities ahead. “This funding round not only validates our commitment to transforming molecular testing but also allows us to accelerate our mission of making advanced diagnostics more accessible globally,” he stated.
With the backing of Bharat Innovation Fund and Axilor Ventures, AlgoBio is poised to make significant strides in deep tech, contributing to the evolution of molecular testing technologies and leaving an indelible mark on various industries. As AlgoBio continues to innovate, its journey promises to be a beacon of progress in the intersection of advanced algorithms, artificial intelligence, and biotechnology.
