Deep tech startups Pandorum and Deepsync raise fresh capital

Deep tech startups Pandorum and Deepsync raise fresh capital
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8 Sep, 2020

Four startups, two of which are deep tech platforms-- Pandorum, Deepsync-- have separately secured fresh capital. 

The other two are health tech startups ConnectedH and credit and payment reporting platform Recordent. 

Bengaluru based Pandorum Technologies, a deep technology startup that operates an eponymous biotech firm, has secured Rs 41.25 crore (about $5.6 million at current exchange value) from multiple investors in an undisclosed round, regulatory filings show.

Pune-based investment firm BTB Ventures and non-banking financial company (NBFC) Capital Trust each poured in Rs 14 crore in Pandorum Tech. The rest of the amount came in from IAN  (Indian Angel Network) Fund’s trustee Vistra ITCL (Rs 8.24 crore), Kotak Investment Advisors (Rs 2.99 crore) and Karnataka Trustee Company (a little over Rs 2 crore).

Founded in 2011 by Tuhin Bhowmick and Arun Chandru, Pandorum Tech focusses on tissue technology and regenerative medicine. The company builds 3D functional tissues through a combination of cells, gels and cell modulators, using self-assembly, 3D printing and other fabrication methods to construct desired tissue like micro-architecture. Its proprietary technology platform is designed to develop functional human tissues, such as bio-engineered cornea and liver, intended for medical research and therapeutic applications.

The company last raised $3.6 million in a Series A round in February 2018 from Indian Angel Network, venture funds 021 Capital and 500 Startups, along with state government-backed Karnataka Information Technology Venture Capital Fund. The round also saw participation from Flipkart co-founder Binny Bansal and Sunil Kant Munjal, former joint managing director of two-wheeler manufacturer Hero MotoCorp. 

Prior to that, Pandorum secured seed investment in December 2016 from Flipkart founders Sachin Bansal and Binny Bansal, according to VCCEdge.

Deepsync Technologies

Another deep tech startup --  Noida-based Deepsync Technologies has raised $300,000 seed funding from Anicut Angel Fund.

Anjan Ghosal and Venkat Raju were the leads in this investment on behalf of Anicut, the company said in a statement. Other investors who participated in this round through Anicut include  Ashvin Chadha, Sanjiv Bajaj, Varun Thapar, Pran Mehra, and Tushar Singh. An Anicut (investor) representative will join the board of the company as part of the deal.

9Unicorns, an accelerator arm of Mumbai-based Venture Catalysts and FirstCheque, also an accelerator, were co-investors in this round.

The capital will be used to expand business operations, ramp up technology and product development and expand the technology team.

Founded in December 2018 by Ishan Sharma and Rishikesh, Deepsync Technologies uses artificial intelligence for content production by allowing creators to augment their voice. Their algorithm learns how a user speaks and saves time of manual recording, editing, and post-production.

“Voice revolution is happening and demand is exploding. Traditional methods of (voice) content production won’t cut it. Deepsync has the right product at the right time and I expect them to ride this wave to become a market leader in this space,” Venkat Raju said.

Launched in late 2019, Anicut Angel Fund provides early-stage capital to startups. The investment in Deepsync marks the second investment made by Anicut Angel Fund.

ConnectedH  

Leading Bird Web Services, which operates healthtech startup, ConnectedH has also raised an undisclosed seed amount in funding from venture capital firm First Cheque, Rohit MA -- founder of Cloudnine Hospitals, PointOne Capital, and other investors. 

Ajeet Singh Kushwaha, founder of Seekify; Ankur Pahwa,  partner at E&Y; Anurag Mehrotra president and MD, Ford India; Bharanidharan Viswanathan and Nitin Mathur -founders of 91mobiles; Harsh Pokharna and Gaurav Kumar -co-founders of Okcredit; Kishore Ganji, angel investor and founder of Astir Ventures; Kunal Khatter (managing director, of AdvantEdge in personal capacity) Sprout Investments; Umang Kumar,  founder of Gaadi.com and Vivek Shah –MD, Investment Banking at Haitong participated in the round.

The funding will be used to expand the brand’s geographical presence. It will also be used to widen their value offerings for diagnostic centres, the company said in a statement. 

Founded in 2018 by Shubham Gupta and Rahul Kumar, ConnectedH organises healthcare data. The brand is working towards creating a connected healthcare ecosystem where patients have complete control and access to their organised medical information.  

Recordent

Recordent, a technology-enabled credit and payment reporting platform, has raised an undisclosed capital in an ongoing angel funding round.

The company will use the fresh capital in product development to offer a seamless service to MSMEs (micro, small and medium enterprises), the company said in a statement.

Hyderabad-based Recordent will also use the funds to expand its team strength and acquire more users.

Founded in 2018 by Harish Mamtani, the company claims to address the challenges faced by MSMEs for the collection of customer dues and recover payments. Winny Patro, another co-founder of the company joined in late 2019 to lead the India market.

Currently, Recordent has a portfolio of over 400 clients from across the nation including Guarented, Shipyaari, Cona Electricals, Virtusa Lifespaces, Way2Online, Furniture World, Namma Dhobi, Spectra India, Technosoft, Lotus Lap Schools, Kleenco, Spandana Spoorthi Microfinance, and TV5. 

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