Chennai-based Xcode Life Sciences Pvt Ltd has raised Rs 1 crore ($169,760) from US-based micro-venture fund Shead Holdings, an existing investor in the firm, besides an unnamed individual investor as per a report in Hindu Business Line.
The news report, which did not give a source of the information, added that the capital raised will be used for product development, a mobile phone-based health advice service and an anti-ageing topical application.
Started by Naru Narayanan and Saleem Mohammed in 2010, Xcode had last year raised around $250,000 from Shead Holdings and Chennai Angels, as per the report. Mohammed is a PhD in Bioinformatics from University of Nebraska (the US) and has worked at Monsanto Research Centre as platform lead- bioinformatics, prior to starting Xcode. Narayanan was earlier leading Chennai-based Nett10 Advisors as its CEO.
Xcode works in preventive healthcare and genetic analysis. The company offers its users an assessment programme which helps them decipher genetic risk levels for chronic lifestyle disorders like cardiovascular diseases, diabetes, stroke and obesity. Based on the risk levels in the assessment report and analysis of how body metabolises fats and carbohydrates, a customised wellness, nutrition and fitness plan is developed for every individual.
While the firm’s offering involves offline testing of its clients, its services are rolled over in a digital format involving cloud storage, customised fitness plan, health tips and reminders sent through email/SMS.
By incorporating these recommendations in regular lifestyle, these life threatening disorders can be delayed or maybe even prevented, claims the company. It offers three packages starting from Rs 3,999 a year going up to Rs 9,999 a year. Some basic services and assessments are common in all packages, whereas the highest package of Rs 9,999 gives additional services like cloud storage, daily SMS reminders, customised fitness plans and telephone session with genetic counsellors.
Other recent investments in healthcare startups
Bangalore- and US-based startup SmartCloud Technologies Pvt Ltd, which developed a cloud-based software platform SmartRx for patient management, secured $500,000 from Ventureast Tenet Fund and two unnamed angel investors from Singapore and the US in April this year.
Another healthcare startup, DocSuggest Healthcare Services Pvt. Ltd, which allows patients to book appointments with hospitals and doctors directly through web or phone, raised an undisclosed amount in funding from Google India MD Rajan Anandan and Mumbai Angels member Taher Khorakiwala earlier this year.
Medical devices startup Biosense Technologies Pvt Ltd secured $500,000 in funding from GSF India, a Mumbai-based startup accelerator and Insitor Fund, a social venture capital fund.
Kolkata-based startup iKure Techsoft Pvt Ltd, which is into tech solutions for delivery of healthcare services in rural areas, raised an undisclosed amount in angel funding through the Intellecap Impact Investment Network (I-cube-N) in February this year.
(Edited by Joby Puthuparampil Johnson)