Participated · Series A · May 2024

Mynvax, founded in 2017 and based in Bengaluru, develops engineered protein subunit vaccines using protein-stabilization technology. The company has produced influenza vaccines and thermotolerant vaccines that target SARS-CoV-2 and its emerging variants. Its platform emphasizes protein stabilization to enable effective, heat-stable formulations. Mynvax resumed fundraising after nearly a three-year pause and completed an extended Series A in the most recent filing. Operational revenue rose 89% to Rs 10.94 crore in the fiscal year ended March 2023, while the company reported losses of Rs 6.43 crore for that period; FY24 statements have not been filed yet. Mynvax is a vaccine technology startup incubated by the Society for Innovation and Development at the Indian Institute of Science. Founded in 2017, the company has developed 'warm' vaccine formulations—worked on by Prof Raghavan Varadarajan in conjunction with Mynvax—that produce antibodies neutralizing current SARS-CoV-2 variants of concern. The formulations are heat-tolerant, a feature the firm highlights to enhance access in resource-constrained settings. Mynvax says the next step for its Covid-19 candidate is human trials in India and that it will use the recent financing to further clinical development. The company also plans to invest in developing new vaccine modalities and to build partnerships with large vaccine manufacturers to hasten deployment while advancing existing candidates in India and overseas. Mynvax has collaborated with IISc and other Indian and international research institutions and received support from BIRAC, SID and early-stage investors.