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Data Analytics Startup Elucidata Raises $1.7M in Seed Funding

NEW YORK (GenomeWeb) – Elucidata, a startup developer of analytics software to support drug discovery, announced today that it has raised $1.7 million in seed funding.

Hyperplane Venture Capital led the seed round, with participation from unspecified angel investors. The company said it would use the money to expand at its twin headquarters in Cambridge, Massachusetts, and in New Delhi, India. Elucidata said that it has already become profitable despite only being bootstrapped up to this point.

The firm's core product is a cloud-based data analytics platform called Polly. This year, Elucidata also released a metabolomics platform to manage, process, analyze, and visualize multi-omics data.

"Our mission is to address the needs of all the very talented scientists who are discovering new life-saving drugs. They are sitting on very exciting datasets but are still manually crunching through spreadsheets to analyze vast amounts of data," Cofounder Abhishek Jha said in a statement. "Data generation has been modernized; data analysis is lagging. Elucidata aims to bridge this gap and ultimately impact human lives in profound ways."