East Ventures leads funding in biotech startup that develops Covid-19 test kits

Nusantics, a genomics tech firm, announced that it has raised an undisclosed amount in series A funding led by early-stage VC firm East Ventures.

This latest round of funding comes less than a year after the VC firm led the biotech startup’s seed funding round. In March 2020, East Ventures invested over US$700,000 for a 15.25% stake in Nusantics, as per data from VentureCap Insights.

(From left) East Ventures partner Melisa Irene, Nusantics co-founder and CEO Sharlini Eriza Putri, East Ventures venture advisor Triawan Munaf, Nusantics co-founder and chief technology officer Revata Utama, and Nusantics co-founder and chief operating officer Vincent Kurniawan / Source: Nusantics

Nusantics will use the fresh funds to enhance its research and development capability, which will help it continue its innovation in the field of microbiome analysis – the study of the genome of all microorganisms. The investment will also go into innovations in medical diagnostic kits.

The fundraise comes on the back of the startup’s successes in developing two generations of Covid-19 PCR test kits that have had high sensitivity and specificity rates. These kits are able to detect multiple mutations of the coronavirus in Indonesia, including the recent strain in the UK, the company said in a statement.

The second generation of test kits were developed in partnership with Indonesia’s Bio Farma. These kits, Nusantics claims, cut testing lead time by making the diagnostic process 3x faster while still being accurate.

Bio Farma has mass produced and commercialized both generations of test kits, with a production capacity of 1.5 million units per month that can be increased to up to 3 million per month.

“We plan to develop a new product, a test kit that can detect the Covid-19 virus in a salivary sample. By using saliva, diagnosing Covid-19 will be more efficient, less painful for the end user, and safer for medical practitioners. […] We are also continuing to optimize our test kits to be compatible with every PCR machine available in Indonesia,” said Revata Utama, chief technology officer of Nusantics.

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Since the startup closed its seed round last year, the firm has opened Nusantics Hub in Jakarta, a laboratory that provides testing and consulting services for skin microbiome balance treatment. The startup is also working with several companies in other microbiome-related research and development projects, it added.

Following the investment, the biotech startup announced the appointment of Triwan Munaf, venture advisor at East Ventures, as a commissioner on the Nusantics board. Munaf is the president commissioner of state-owned airline Garuda Indonesia.