Healthtech Startup In-Med Prognostics Raises Over $2 Mn In Fresh Funding
In-Med Prognostics, a healthtech startup, has raised $2.13 million led by investment firm Exxora, with participation from several angel investors.
As per the startup, the raised funds will be used to expand its product portfolio and tap global markets.
In-Med Prognostics | Decoding Brain Health
Founded by Latha Poonamallee, Al Curran, and Rajesh Purshottam in 2018, In-Med Prognostics uses machine learning to provide analysis which aids in the assessment and early detection of neurological disorders such as dementia, Alzheimer’s and Parkinson’s at affordable prices.
Using its proprietary software, Neuroshield, the healthtech startup integrates images, signals and text to produce automated, quantified reports to support the physician’s clinical impression for various neurological disorders. It also provides a seamless, end-to-end cloud-based image analysis platform for clinical and research use.
Speaking about the development, Sriram Natarajan, Director at Exxora, said,
“Medtech is seeing some opportunities, and we continue to invest in startups like In-Med Prognostics that are providing innovative solutions in the area of preventive brain health using AI & deep learning.”
It also provides ethnicity-specific assessment reports and multi-modal data processing capability to develop integrated digital biomarkers.
The Pune-based healthtech startup received a Rs 50 lakh grant from Biotechnology Industry Research Assistance Council (BIRAC) in 2019. Its holding company InMed Inc, is based out of the US and was formed in 2021.
In-Med Prognostics was also selected for the Research and Innovation Circle of Hyderabad, Acceleration Initiative for Diagnostics (RICH-AID) programme, and as part of the cohort, received an acceleration grant of Rs 1 lakh.
The Pune-based healthtech startup has been collaborating with other prominent diagnostic care service organizations in India, like Aarthi Scans, Nanavati, Scansworld, Gujarat Scans, and Cauvery Hospitals, and plans to expand to Africa as well.
Healthtech India
In terms of healthtech investments, currently, India is among the fastest-growing destinations. According to a report, healthtech investments by VCs in India have surged ten times over the last five years ($190 million in 2016).
This year, several healthtech startups, including Odisha-based CureBay, Evelabs Technologies, Mumbai-based telehealth platform Truemeds, Eka Care, Gurugram-based Curelink, and Bengaluru-based Dozee, had raised funds.
In August 2022, Nihar Parikh, a veteran entrepreneur, launched a $75 million healthcare-focused fund, 4Point0 Health Ventures, that will invest between $1 Mn and $2 Mn in early and growth-stage startups working in the healthcare segment.
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