Tata Industries Ltd has picked up a five per cent equity stake in Avestha Gengraine Technologies Pvt Ltd (Avesthagen).
With the participation of Tata Industries, Avesthagen has now completed its first round of funding, its other investors being ICICI Venture Funds and Global Trust Bank (GTB).
Avesthagen has interests in the fields of functional genomics, proteomics, and bio-informatics.
Renuka Ramnath of ICICI Venture Funds said, "Biotechnology is still in its nascent stage and needs support from large companies. With the entry of Tatas into Avesthagen, the biotech sector and the company are poised to grow exponentially."
As per the current equity structure of Avesthagen, ICICI holds a 25 per cent stake, GTB 10 per cent and the rest is held by early investors and promoters.
According to Villoo Morawala Patell, founder, Avestha Gengraine, "The Avesthagen platform, along with its partners ICICI, GTB and Tata Industries, aspires to create a biotech entity with niche play by bringing convergence of technology, research and development, free patterning relationships and policies."
Avesthagen, which also offers a wide range of contract research services, had received $1.5 million during its first round of funding from ICICI Venture Funds and GTB.
Located at the International Technology Park, Bangalore, Avesthagen is a fully integrated biotechnology and bioinformatic company offering research and development service to clients globally. The company was founded in April 1998 by Patell.
