4baseCare Raises $2 Mn In Pre-Series A Round傅nds will be utilized for expansion of the genomic tests portfolio and for increasing their geographical presence across Asia
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Illumina accelerator-backed precision oncology startup 4baseCare announced on Thursday to have raised an investment of $2 million in a pre-Series A funding round led by investors Mount Judi Ventures, growX Ventures, Season Two Ventures, First In Ventures, and a few strategic angel investors.
The company will utilize the funds for expansion of the genomic tests portfolio and for increasing its geographical presence across Asia. Additionally, it will also focus on strengthening its R&D and operations.
"Access to advanced technology, which can help improve treatment and care should be for everyone. Our vision is to leverage on technology to develop affordable solutions to personalize patient care in Oncology," said Hitesh Goswami, chief executive officer, 4baseCare.
4baseCare aims to make precision oncology a standard of care in Asia by increasing the utilization of genomic tests in oncology and is working towards developing a first of its kind, Indian population-specific gene panel that will analyze a large number of genes for cancer-associated mutations to identify optimal treatment options leading to improved outcomes.
"With this capital, we will be increasing the affordability of our genomic test portfolio through research and process efficiency. With our comprehensive solutions and global collaborations, we are confident that we will make precision medicine a standard of cancer care in our country," shared Kshitij Rishi, chief operating officer, 4baseCare.
With an annual cancer burden of over 1.5 million across the country, 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 is exorbitantly priced.
"We are delighted that 4baseCare, with its innovative and life-critical suite in precision oncology, is the second investment by Mount Judi India Growth Fund in the healthcare vertical. We are happy that in this funding round, 4baseCare was able to attract a strong consortium of investors from India and the USA, which will fuel its growth across and beyond India," explained Sherif Kottapurath, managing partner, MJV.
The need of the hour is the development of affordable and indigenous solutions which can benefit more patients, the company said.
"Cancer is the second most common cause of death in India and 4baseCare is leading the charge to fight it. 4baseCare team is leveraging its deep expertise in genomics to enable timely cancer diagnosis, and help identify the most precise targeted therapies to significantly improve patient outcomes. We look forward to working with this exceptional founding team as they work towards making India healthier," stated Manu Rikhye, partner, growX Venture.
With its presence in India and Singapore, 4baseCare is the first Asian healthcare organization backed by Illumina (the Global Genomics leader) through their Illumina Accelerator program.
"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," added Sajan Pillai, chief executive officer and managing partner, Season Two Ventures.
4baseCare has also been selected for the second Cohort of the AISEA accelerator, sponsored by the Department of Science & Technology, Government of India.
