Mynvax, a vaccine technology startup incubated by the Society for Innovation and Development (SID) at the Indian Institute of Science, on Tuesday announced that it has signed definitive agreements to raise $4.2 million in its Series A round of financing led by Accel.

The company is developing novel recombinant vaccines for COVID-19 and human influenza and will use the proceeds to further clinical development for the same.

LetsVenture and a few early-stage angel investors also participated in this round, which received the backing of its pre-Series A investors such as 1Crowd, Kotak Investment Advisors, and other angel investors.

The company said that with the support of BIRAC, Government of India, early-stage investors, and SID, IISc, it was able to rapidly demonstrate its ability to develop novel vaccine candidates which have been rigorously tested for performance and unique attributes such as heat tolerance, that enhance access to those in need.

“Accel is excited to lead the investment in Mynvax. We strongly believe that their platform has the potential to make a huge positive change in the Global vaccine landscape for major respiratory illnesses,” said Mahendran Balachandran, partner, Accel.

Dr. Nadig, the co-founder and executive director, Mynvax, said that in addition to expeditiously advancing its existing vaccine candidates, both in India and overseas, the Company would also invest in developing new vaccine modalities. He also mentioned that Mynvax would begin to build partnerships with large vaccine manufacturers to hasten the deployment of much-needed vaccines.

Incubated at the Society of Innovation and Development (SID), IISc,Mynvax has been able to leverage the scientific and technological prowess of its collaborators at IISc and other Indian and international research institutions, to build a research-driven vaccine development program.