BENGALURU: Mynvax, a vaccine technology startup incubated by the Society for Innovation and Development (SID) at the Indian Institute of Science, on Monday announced that it has signed definitive agreements to raise USD 4.2 million (Rs 31 crore) in its Series A round of financing led by Accel.
The company said in a statement it is developing novel recombinant vaccines for COVID-19 and human influenza and will use the proceeds to further their clinical development.
Lets Venture and a few early-stage angel investors also participated in this round, which received the backing of its pre-Series A investors such as 1Crowd, and Kotak Investment Advisors, it was stated.
"Accel is excited to lead the investment in Mynvax. We strongly believe that their platform has the potential to make a huge positive change in the Global vaccine landscape for major respiratory illnesses," Partner, Accel, Mahendran Balachandran, said.
Co-founder and Executive Director of Mynvax, Gautham Nadig said that in addition to expeditiously advancing its existing vaccine candidates, both in India and overseas, the company would also invest in developing new vaccine modalities.
He also mentioned that Mynvax would begin to build partnerships with large vaccine manufacturers to hasten the deployment of much-needed vaccines.