Rajesh Sawhney-promoted Global Super Angels Forum has invested in Mumbai-based medical devices startup Biosense Technologies Pvt Ltd. According to persons with direct knowledge of the deal, the fund has invested more than Rs 50 lakh in the company and Samir Sood, a member of the forum, will join the board of the company.
Biosense has developed a portable gadget called ToucHb that measures the haemoglobin count without the prick of a needle, to help detect anaemia. “The proceeds will be used for production and commercial launch of ToucHb,” said Dr Abhishek Sen, a co-founder of Biosense, in response to an e-mail query by VCCircle. He, however, refused to share the financial details of the fundraising. Attempts to contact Global Super Angels did not elicit any response.
An incubatee of Centre of Innovation, Incubation and Entrepreneurship (CIIE), IIM-Ahmedabad, Biosense secured seed funding from the Echoing Green Foundation and Chennai-based Villgro, an organisation that invests in early-stage social startups. Besides Sen, other co-founders of the company are Myshkin Ingawale (CEO), Dr Yogesh Patil and Aman Midha.
According to Sen, Biosense is looking for another round of funding of around $0.2 million and is in talks with investors for the same. The company would raise close to $0.5 million in a year to meet its working capital and expansion needs, he added. “We plan to launch ToucHb in the Indian market after testing for specifications conformity. After that, we would be looking to penetrate other overseas markets. Biosense also plans to diversify into development of other technologically intensive biomedical sensors/devices,” he said.
Biosense will go for series A round of funding after the commercial release of ToucHB.
Global Super Angels, which currently has 13 members on board, was founded by Rajesh Sawhney, the president of Reliance Entertainment. Other key members are Sasha Mirchandani from Kae Capital; Vijay Shekhar Sharma, founder of One97 Communications; Dinesh Agarwal of IndiaMart.com; Ravi Adusumalli of SAIF Partners; Deep Kalra, founder & CEO of MakeMyTrip.com; Naveen Tewari of InMobi; Murugavel Janakiraman, founder of Bharatmatrimony.com and Rajan Mehta of LiveMedia. In February this year, the fund invested in e-commerce logistics firm Chhotu.in that takes care of the last-mile delivery of the goods purchased online.