Bangalore and US-based Algorithm Inc. is raising over Rs 1 crore ($161,000) from a group of angel investors, sources close to the development informed Techcircle.in.
"The firm is raising funding from investors from the life sciences industry," said a source adding that the funding will be used to push sales and marketing.
We have contacted Nithiyanandhan Ananthakrishnan, founder, Algorithm Inc., and will update the article as and when we hear from him.
The company was founded about an year ago by Ananthakrishnan, Nicholas Hargaden and Abby Abraham. Ananthakrishnan is an Electronics and Communications Engineer and a management graduate, while Hargaden has done Ph.D. in Cognitive Science and Abraham has done Masters in Pharmaceutical Sciences.
The trio had previously worked at ICON Clinical Research. Before that, Ananthakrishnan worked at Cognizant Technology, Hargaden worked at Cognitive Drug Research and Abraham worked at Quintiles India.
Algorithm has developed a platform called Acuity, an integrated data analytics and risk management platform to reduce cost and enhance decision making in clinical research.
Bangalore-based investment banking firm DIA Capital Advisors is advising the company on this deal.