[Funding alert] PadUp mentee Ameliorate Biotech raises Rs 2 Cr in angel round
PadUp mentee startupsaid it has raised Rs 2 Cr as angel investment for their product ASSURED, a device used for rapid detection of malaria, chikungunya and dengue.
The funding came from Friends of PadUp, Villgro USA, Vinners, LetsVenture, SINE IIT Bombay, and DERBI.
Ameliorate Co-founders (L-R): Dr Binita Shrivastava Tunga and Dr Rashbehari Tunga
Commenting on the fund-raise, CEO and Co-founder of Ameliorate, Dr Rashbehari Tunga said,
“ASSURED will definitely contribute immensely in the nation’s fight against dengue, malaria and chikungunya by providing early detection. The money raised will help us in concluding the clinical trials efficiently and in subsequent commercialisation of the kits.”
Founded by biotech scientists Dr Rashbehari Tunga and Dr Binita Shrivastava Tunga, ASSURED (affordable sensitive specific user-friendly rapid/robust equipment-free device) is a patented kit that claims to detect three most prevalent mosquito borne diseases, malaria, chikungunya and dengue on the first day of symptom, in less than 10 minutes.
“Ameliorate is a perfect example of how scientific research can be leveraged to bring in disruption to solve real life problems," said Pankaj Thakar, Co-founder and chief mentor of PadUp.
The knowledge and mentoring platform helps incubators and accelerators build innovative tech startups. PadUp has mentored startups in different industry domains and using different technologies like AI, blockchain, ML, among others.
PadUp has also created a group of affiliated investors who regularly invest in PadUp mentee companies. The firm calls themselves Friends of PadUp.
"We saw great potential in the idea and the team and they are serving a good cause. We found these to be compelling reasons to invest in the company. Also, PadUp being their mentor provides us a strong validation for investment," said Harvinderjit Bhatia, Chairperson of Vinners (Value Investors Network), a group of CXOs of India seeking investment and mentorship opportunities in early stage startups.