Kitven, Accel invest in Mitra Biotech

Bangalore-based translational biology research company, Mitra Biotech Pvt Ltd, founded by a team of scientists from Massachusetts Institute of Technology (MIT) and Harvard Medical School, has raised venture funding from global venture capital fund Accel Partners and Karnataka Information Technology Venture Capital Fund (KITVEN). Mitra Biotech is focussed on personalised treatment of cancer.

According to a company statement, this is the first investment of KITVEN in the biotechnology and life sciences space. According to a report, quoting A R Jayakumar, CEO, Kitven Fund, Kitven Fund 2 had invested US$ 560,349 into Mitra Biotech, along with Accel Partners, which also had invested in the region of US$ 560,349.

The fund is proposed to be invested in IT, biotechnology, nano-technology and other knowledge-based industries in Karnataka.

Expressing his happiness on receiving equity funding from well-known VC’s Accel and Kitven, Dr Mallikarjun Sundaram, co-founder and CEO, Mitra Biotech, said that the funding will help the company focus more on cancer research and drug development.

Also, the company recently signed a partnership agreement with Mazumdar-Shaw Cancer Centre (MSCC) at Narayana Hrudaylaya Multi-Specialty Hospital in the city, as per which Mitra will develop an analytical diagnostic platform in consultation with the hospital that will help in personalised cancer treatment.

Kitven Fund 2 is a US$ 5.9 million fund, and has raised funding from a host of investors that include Karnataka State Industrial Investment & Development Corporation Ltd (KSIIDC), Karnataka State Financial Corporation (KSFC), Small Industries Development Bank of India (SIDBI) and Karnataka Bio-technology & Information Technology Services (KBITS).