Biomedical data startup Elucidata raised $16 million in Series A led by investment firm Eight Roads Ventures where F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital also participated.
Elucidate provides the Polly SaaS platform, which gives researchers access to curated biomolecular data that can be used to derive insights and analysed via a graphical user interface (GUI). The funding will be used to expand the startup's product capabilities in translational drug research and related markets. The funds will also be used to scale go-to-market initiatives and expand operations globally. According to Inc42, the overall Indian healthtech market will be worth $21 billion by 2025.