OncoStem Diagnostics, an oncology-focused startup founded by Manjiri Bakre in 2011 raised $6 million from Sequoia, the California based investor. OncoStem’s existing investor, Artiman Ventures also participated in the financing round. It has so far invested $3 million in the multiple transactions since its founding.
OncoStem’s primary focus is developing various tests that will assist in identifying patterns of recurrence in various cancer patients at affordable costs as it is highly essential to know patient’s risk of recurrence before giving him a personalized therapy. One of the most noteworthy products of the company is CanAssist-Breast which helped a lot of breast cancer patients avoid grave effects of chemotherapy, thereby improving the quality of their life. Currently, the product is present in India, Bangladesh and Sri Lanka. OncoStem has set up a central laboratory in Banglore tumor tissues are collected from different parts of India and neighboring countries like Sri Lanka and Bangladesh and tested for different types of cancers.
OncoStem, which offers personalized cancer treatment, will use the newly acquired funds in Research and Development and develop new products. Also, it wants to expand its horizons further into Asia and Europe mainly Malaysia, Thailand, Indonesia, South Korea and Singapore. It is also aiming to develop certain efficient tests on oral, brain and colon cancer.
Patients can reach out to OncoStem directly. Recently, OncoStem has teamed up with several hospitals to develop its distribution network efficiently.
Sequoia has been an aggressive investor in the healthcare sector. In 2015, Sequoia invested $20 million in another Bangalore-based genomics diagnostics and research firm MedGenome Labs Pvt. Ltd. Last month, it added another $30 million to their credit. Practo Technologies Pvt. Ltd, which operates a leading online doctor appointments-booking portal saw an investment round of $30 million led by Sequoia along with the participation of Matrix Partners. It also has invested in various Indian hospital chains like ASG Eye Hospitals, Innovcare Lifesciences, Cloud Nine and Vasan Health Care.