Bengaluru-based health-tech firm Neurosynaptic Communications Pvt. Ltd has raised an undisclosed amount in its Series A round of funding from healthcare-focused investment firm Healthquad, Indian Angel Network, and Infosys co-founders backed Axilor Ventures.
Last month, VCCircle had first reported the fund raising development in the company.
“Telemedicine as a concept and solution is gaining traction world over, equally in developed and developing markets. We feel that Neurosynaptic, with its proprietary product and solutions offering and deep experience is best placed to capture the opportunity in this region. We will work closely with the company to help build their growth plan as they move along in expanding their network and adding the services on their platform,” said Amit Varma, sponsor of Healthquad, in a statement.
This is Healthquad’s first investment in the country. As part of the funding, Healthquad and IAN representatives will be joining the board of the company.
Earlier this year, Amit Varma and Abrar Mir—founders of healthcare private equity firm Quadria Capital—floated Rs 65 crore ($9.75 million) venture capital fund ‘Healthqaud’ to make early-stage investments in Indian companies.
The company, in 2014, received strategic investment from e-Zest Solutions Ltd, a global IT services organisation focused on emerging technologies.
Neurosynaptic plans to utilize the new round of funding for International Certifications and launch of products. The corpus will also be utilized for scaling international business in Africa and South/South East Asia, besides further penetration across India.
Founded in 2002 by Sameer Subhash Sawarkar and Rajeev Kumar, Neurosynaptic’s product portfolio includes devices for telemedicine, standalone medical devices and remote weather monitoring stations. The company offers telemedicine platform ReMeDi for remote healthcare. It claims to have reached over 50 million people till date by deploying its ReMeDi solution in over 2,000 villages across India.
The company said it is also in the process of launching the upgraded version of its flagship ReMeDi platform which would offer SaaS based (pay-per-use) telemedicine and m-health solution along with a wider range of diagnostics.
“The soon-to-be-launched ReMeDi-NOVA and pay-per-use model with cloud, mobile technologies, UX and analytics, shall revolutionize the last-mile healthcare access. We are delighted to have such strong support from our investors who are equally focused in bringing about large-scale impact and building a global enterprise for social change,” Sawarkar added.
“The team has phenomenal talent and we believe they will continue to excel in the industry to be a market leader,” lead IAN investor Nagaraja Prakasam said.
Neurosynaptic operates in the telemedicine market. This industry is expected to reach $66,606 million mark by the year 2021, growing at a CAGR of 18.8% during the forecast period (2016-2021), according to the estimates of Mordor Intelligence, a market research and consulting firm.
Of late, firms in the healthcare technology space have been eliciting strong investor interest. Last week, Doctor Insta Pvt. Ltd, which provides healthcare consultation through video conferencing, received over $1 million (Rs 6.7 crore then) from US-based venture capital firm RoundGlass Partners.
In July, video-based healthcare consultation platform SeeDoc raised around $1 million in its pre-Series A round of funding led by early-stage venture fund YourNest.
Online doctor consultation platform iCliniq, doctor consultation app DocsApp, HealthEnablr India Pvt. Ltd and JustDoc are among the other health-tech ventures that have raised funding in recent months.
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