InterpretOmics, a big data analytics startup that focuses on life sciences, has received angel funding of around Rs 10 crore from a group of investors including Singapore's information technology and shipping company, Amarante.
Two Indian investors including MP Somaprasad have also participated in this round. The Bangalore-based firm will use the funds to grow research and development and marketing.
"My wife and the co founder's wife were the initial angels," said Prahalad Achutharao, chief executive of InterpretOmics who cofounded the firm along with Asoke Talukder in 2009 with an investment of Rs 5 lakh.
The company uses data analytics to sift through complex genomics data for insights on human disease, crop disease and drug response. "Nascent bio companies usually find it tough to get the start-up money to turn ideas into reality," said Prashant Priya, director at Amarante.
"We feel, despite various challenges, this is the best time for biotech." InterpretOmics today works with over 18 customers including top research institutes and companies like US based Joint Genome Institute, Indian Council of Agricultural Research, All India Institute of Medical Sciences and Biocon.
It aims to achieve revenue of around Rs 367 crore by fiscal 2015.