In-Med Prognostics, an Indian-based healthtech startup, has raised $2.13 million in a funding round led by Exxora. The company plans to use the fund to develop new products and expand to Africa.
The startup uses machine learning to provide early assessment and identification of neurological disorders such as dementia, Parkinson’s and Alzheimer’s at a low cost. In-Med hopes to help in the evaluation of these diseases using its proprietary software, Neuroshield, which uses text, images and signals to generate reports.
Previously, In-Med received a $1,200 acceleration grant from the Hyderabad-based Research and Innovation Circle’s Acceleration Initiative for Diagnostics (RICH-AID).
In addition, the Biotechnology Industry Research Assistance Council awarded them a $60,500 fund in 2019. Since then, In-Med has worked with other established health-based companies, including Nanavati and Gujarat Scans.
Exxora director Sriram Natarajan explained that the firm chose to invest in In-Med Prognostics because it “provides innovative solutions in the area of preventive brain health using AI & deep learning.”
“Our endeavour at Exxora is to support innovators who are able to address unmet needs and create social impact globally,” said Natarajan.
In an interview, Natarajan asserted that his company is determined to help entrepreneurs who can have a social impact globally.
In-Med Prognostics was founded in 2018 by Latha Poonamallee, Al Curran and Rajesh Purushottam. Since its establishment, the company has raised $2.6, which includes the fund from its latest capital round.
Healthtech startups ecosystem in India
According to reports, venture capitalists have made significant investments in India’s healthtech startup ecosystem in recent years, with a total investment value of $190 million in 2016. Other healthtech startups that have received funding this year, in addition to In-Med, include Truemeds, Dozee and Evelabs Technologies.
A seasoned entrepreneur, Nihar Parikh announced the launch of 4Point0 Health Ventures, a healthtech-focused fund, last August. The organization is investing $1 million to $2 million in early and emerging healthtech startups.
