Algorithmic Biologics secures Pre-Series A funding

Deeptech startup Algorithmic Biologics (AlgoBio) launched the Tapestry platform for next-generation sequencing (NGS) at Genomics India Conference 2024 recently. The company informs that Tapestry empowers genomics labs to cut sequencing costs significantly by eliminating 60 to 90 per cent of library preparation costs that is 33-50 per cent of the total sequencing costs.

Founded by Dr Manoj Gopalkrishnan – a 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.

AlgoBio has recently partnered with Dhiti Omics Technologies to offer ‘Focused Exome Sequencing’ powered by Tapestry.

Tapestry is a CE certified technology used extensively for affordable Covid testing using RT-PCR. It has since been extended to other molecular tests like NAAT (used for blood testing for HIV, etc), Mass Spectrometry (used for tests like Newborn Screening), and now NGS to enable further applications like rare disease diagnosis, tumor cell sequencing, etc.