Elucidata raises $5 million in funding led by IvyCap Ventures

Biomedical molecular data firm Elucidata on Thursday said it has raised $5 million (around Rs 36 crore) in a funding round led by IvyCap Ventures.

The pre-Series A funding round also saw participation from Hyperplane Venture Capital and a few angel investors, Elucidata said in a statement.

The funding will enable the company to capitalise on its position as a leading provider of structured biomedical molecular data to the life sciences industry, it added.

"In the pharma industry, biomedical data of drug discovery is increasing in diversity and volume at a rapid rate. In this scenario, it gives us immense pleasure to collaborate with a team which is driven by a vision of drug discovery and pharma R&D,”IvyCap Ventures founder and Managing Partner Vikram Gupta said.

On the funding, Elucidata co-founder and CEO Abhishek Jha said: "The strong backing from IvyCap Ventures and Hyperplane would amplify our ability to help our partners improve in their data-driven drug discovery”.