Bengaluru, March 1 (IANS): The global oncology sector has witnessed a funding of $424 million to date this year, as the dynamic landscape of the sector in India unveils a compelling narrative of innovation and funding trends amid advancements in new-age technologies, a report showed on Friday.

In India, 94 companies have been established so far in the sector, with 55 of them successfully securing funding.

Perfint Healthcare in the country emerged as a frontrunner, securing $40.1 million in total funding, leading a trail that includes Immuneel and Zumutor with $27.4 million and $26.2 million, respectively.

A groundbreaking revelation is the dominance of the Oncology drugs, securing $27.1 million, with significant contributions from key players like ImmunoACT and Immuneel, according to the report by market intelligence firm Tracxn.

Bengaluru takes the lead with the highest number of founded companies (20) in the oncology sector.

“With over 5,500 companies worldwide and approximately 4,000 funded to date, the sector is at the forefront of redefining cancer treatment methodologies through advancements in AI, robotics and genomic sequencing,” according to the report.

The overall funding for 2023 amounted to $9.2 billion. This sector has witnessed the emergence of 12 unicorn companies to date.

“Top investors like Orbimed, EIC Fund, and RA Capital Management are pivotal in driving the Oncology sector. In the last two years, Y Combinator, Alexandria, and Proxima Ventures emerged as top seed investors, while Orbimed, Alexandria, and RA Capital Management took the lead in early-stage investments,” it added.