Mynvax, a startup incubated by the Indian Institute of Science, Bangalore, has signed a definitive agreements to secure $4.2 million in Accel led Series A funding round. The latest round also participation from 1Crowd, LetsVenture, Kotak Investment Advisors, as well as few angel investors.
A statement made by the startup said, “The funds will be deployed to further the clinical development of Mynvax’s novel recombinant vaccines for COVID-19 and human influenza.”
“With the support of BIRAC, Government of India, early-stage investors, and SID, IISc, it was able to rapidly demonstrate its ability to develop novel vaccine candidates, which have been rigorously tested for performance and unique attributes such as heat tolerance that enhance access to those in need,” the statement added.
“In addition to expeditiously advancing its existing vaccine candidates, both in India and overseas, the company would also invest in developing new vaccine modalities,” said Dr Nadig, Co-founder and Executive Director of Mynvax.
Speaking on the development, Mahendran Balachandran, Partner, Accel, commented, “Mynvax has the potential to bring positive change in the global vaccine landscape for respiratory illness.”
He further said, “Accel is excited to lead the investment in Mynvax. We strongly believe their platform has the potential to make a huge positive change in the global vaccine landscape for major respiratory illnesses.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.