[Funding alert] Oncology tech startup 4baseCare raises $2M in pre-Series A from Mount Judi Ventures, growX Ventures, Season Two Ventures, others
Bengaluru-headquartered oncology technology startup growX ventures, Season Two Ventures, First In Ventures, and a few strategic angel investors.on Wednesday raised $2 million in a pre-Series A round led by Mount Judi Ventures,
The oncology startup will use the funding to expand its genomic tests portfolio and increase its geographic presence across Asia. Besides, it will also focus on strengthening its R&D and operations.
4baseCare founders: Hitesh Goswami (left) and Kshitij Rishi
According to 4baseCare — which had earlier raised a seed round as part of the Illumina Accelerator programme — the fresh set of investors have a strong understanding of healthcare and technology and focus on creating social impact through their investments.
The startup aims to make precision oncology a standard of care in Asia by increasing the utilisation of genomic tests in oncology. It is working towards developing a first-of-its-kind, Indian population-specific gene panel that will analyse a large number of genes for cancer-associated mutations to identify optimal treatment options, leading to improved outcomes.
Speaking on the investment, Hitesh Goswami, CEO, 4baseCare, said, “Access to advanced technology, which can help improve treatment and care, should be for everyone. Our vision is to leverage technology to develop affordable solutions to personalise patient care in oncology.”
With an annual cancer burden of over 1.5 million across India, these genomic tests are available to very few patients who can afford such tests. This is because of the currently available test, which is primarily sourced from foreign companies and are exorbitantly priced. The startup aims to bring down the cost of such tests.
For Mount Judi Ventures (MJV), this is its second investment in the healthcare vertical from its India Growth Fund. Sherif Kottapurath, Managing Partner, MJV, said, “We are happy that in this funding round, 4baseCare was able to attract a strong consortium of investors from India and the US, which will fuel its growth across and beyond India.”
Sajan Pillai, CEO and Managing Partner of Season Two Ventures, said, “Genomics and other data capabilities are now redefining life sciences. Their quest to make precision oncology more affordable and accessible contributes greatly to the growing biotech space in India and globally, and we are extremely happy to support them in their journey.”