Proceeds of the fundraise will be used to support the product pipeline, building the sales organisation and furthering their international expansion
Deeptech startup Algorithmic Biologics (AlgoBio), leveraging advanced algorithms and AI to revolutionise molecular testing efficiency and scale, unveiled the Tapestry platform for Next-Generation Sequencing (NGS) at Genomics India Conference 2024 recently.
Aligned with the company’s vision of enabling accurate and affordable large-scale molecular testing, Tapestry empowers genomics labs to cut sequencing costs significantly by eliminating 60 per cent to 90 per cent of library preparation costs that is 33 per cent-50 per cent of the total sequencing costs.
Founded by Dr Manoj Gopalkrishnan – a multi-disciplinary technologist and professor at IIT Bombay – AlgoBio also announced securing $2.5 million in pre-series A funding led by Bharat innovation Fund (BIF) ventures with participation from existing investor Axilor Ventures.
Proceeds of the fundraise will be used to support the product pipeline, building the sales organisation and furthering their international expansion.
Dr Gopalkrishnan said, “Tapestry is providing affordable genomics sequencing for all, in collaboration with leading genomics labs. We are very glad to have BIF join us as an investor and to have continued support of Axilor. We are excited to learn from their expertise at helping deeptech companies achieve transformation throughout India as well as internationally.”