India, Sept. 11 -- Bengaluru-based BacAlt Biosciences has raised INR 18 Cr (around $2 Mn) in its pre-seed funding round led by Avaana Capital, with participation from specialty chemical company Lubrizol's venture platform Lubrizol InnoVentures.

The biotech startup plans to use the capital to scale up its research and development (R&D) process, build production facilities, and expand its team.

"The funds will primarily be used to set up our pre-pilot facility, which will allow us to validate scalability. In addition, it will support our team in advancing our patents, engaging with more customers, gathering inputs on formulations, and strengthening our product pipeline," cofounder and CEO Shruti Kutmutia told Inc42.

Founded in 2024 by Ku...