Strand Life Sciences raises Series B investment from Burrill & Company
Strand Life Sciences has raised Series B investment from San Fransisco-based Burrill and Company. Burrill and Company is a diversified global financial services firm focused on the life science industry. It is the sole investor in this round. The financing included both a primary investment into Strand Life Sciences and a secondary buy-out of the lead Series A investors.
The proceeds of the financing of the Series B is to accelerate the growth of the company's evolution into precision diagnostics in healthcare and expand Strand's reach into global markets. Strand will leverage its expertise in genomics and analytics that it has developed over a decade.
Speaking on the occasion, Dr Vijay Chandru, founder, chairman and CEO, Strand Life Sciences, said that, the company is delighted that the world's premier investment fund in the life sciences industry chose to support Strand. This investment will help Strand realize the true potential of its proven strengths in data science and multi-disciplinary bench analytics by taking them into the clinic.
Dr Tania Fernandez, director, Burrill and Company added, "Our investment in Strand Life Sciences reflects our continued commitment to the life science sector in India. We constantly analyze the Indian life science landscape, in search of leading edge platform technologies and products, helping companies develop these to full potential and expanding their access to global markets. Strand is a leading-edge bioinformatics company developing healthcare applications. We intend to work with Strand to help them build a preeminent position globally in what we consider the future of medicine: next-generation sequencing (NGS) and its applications in healthcare."
Strand Life Sciences had won the BioSpectrum-ABLE Bioinformatics Company of the Year 2012 as the leading bioinformatics firm in India with estimated revenues of Rs.49.14 crore.Over 2000 research laboratories worldwide (about 30 percent of global market share) are licensees of Strand's technology products as are several leading pharmaceutical and biotechnology companies. Strand and its partner Ganit Labs share additional 10,000 square feet of laboratory space with state of the art clinical genomics capabilities and capacity for pre-clinical toxicology assays of lead compounds.