In a time where many Indian based start-up companies are being forced to adjust to a lack of funds, Immuneel Therapeutics, the medical treatment start-up company has just received a funding amounting to $ 15 million USD in their latest round of funding.
This was a round A of investment and it was primarily led by Eight Roads Ventures. Other venture capital firms that took part in the round include True North Fund VI LLP, and F-Prime Capital. A few other venture capital firms and fund management companies took part in this round as well.
Immuneel Therapeutics is a health care start-up company that primarily treats cancer by their ground breaking cell and gene therapy. This is a method where the patients protein material or DNA is extracted from their body and altered using specific methods and then injected back in to the patient’s body. These treatments are generally long lasting compared to the traditional cancer treatments.
The company was founded 3 years ago back in 2019 and its head office is situated in Bangalore. The company was founded by three bright and successful doctors and oncologists who are very experienced and specialised in this field.
When asked what they plant to do with these funds, the firm informed the public that it would finally enable them to scale up their business and also improve their development pipeline.
The firm went on to say that they have started piloting and testing out their Chimeric Antigen Receptor T-cell therapy (CAR-T) which is a cancer treatment that attacks the compromised cancer cells. This is only available in their Bangalore clinic.
In a public statement that the company released after the funding, that the investment will help the company grow and foster a community to fast track superior cancer treatments so that it can become available and affordable to Indians all over the country. Individual cancer and cell therapy treatments are still very new all over the world and the company is a pioneer in their industry and is bringing something new to the people of India.
This type of treatment was introduced in the USA almost ten years ago and it has helped many cancer patients who relapsed and had to go through the entire treatment again. However, this treatment is too expensive for most Indians, but as the company scales up, they believe they can bring the cost down and this investment is the first step for it.