Agatsa Software Pvt. Ltd, which creates healthcare devices focusing on the early diagnosis of lifestyle diseases, has raised $1 million (Rs 7.09 crore at current exchange rate) in a funding round.
In a statement, Agatsa said it has raised the funding from the Indian Angel Network (IAN) and the Technology Development Board (TDB), which is part of the central government’s Department of Science and Technology.
Currently, Agatsa manufactures the SanketLife 2.0 and SanketLife Pro+, which the company says are portable electrocardiogram (ECG) devices.
Agatsa said it will use the capital it has raised to scale up its operations and marketing along with expanding its sales footprint to international markets. Company co-founders Rahul Rastogi and Neha Rastogi said the startup is also planning to create a line of products, including wearables, which will focus on the diagnosis and management of non-communicable diseases.
IAN lead investor Priyank Agarwal said the network was confident about its investment because of Agatsa’s innovative and low-cost approach to providing cardiac care solutions and products. TDB representatives added that a need for the development of technically advanced and affordable indigenously developed healthcare products.
Founded in 2014, Agatsa claims it has currently recorded ECG readings for over 100,000 users, and that over 6,000 doctors are using its devices. The company also says that its existing products have been clinically validated to have an accuracy rate of 98%. The startup is planning to concentrate on diseases such as diabetes, epilepsy, obesity and anxiety.
The company is also the second health-technology startup IAN has backed this month. IAN took part in a Rs 5.25 crore (over $700,000) seed funding round in PlusPin Healthcare, which allows retail pharmacy stores to offer customers personalised healthcare services.
Deals in health-tech segment
The health-tech segment is attracting investments as startups seek to differentiate themselves by addressing gaps in traditional healthcare models as well as offering frontier technology-based solutions.
Earlier this month, Meddo, a company that integrates physical and online healthcare services, raised $3 million (about Rs 21.53 crore) in a pre-Series A funding round led by Philadelphia- and Hyderabad-based SRI Capital.
Health-tech firm ProPhysio raised Series A funding from NestaVera Group, an investment firm with interests in sectors such as education, co-working and real estate.
In July, HealthAssure Pvt. Ltd, an online aggregator of primary healthcare services, secured $2.5 million (Rs 17.15 crore) from early-stage venture capital firm Blume Ventures in its Series A round of funding.