Crimson Healthcare Pvt. Ltd, a health-tech startup focussed on ostomy care, has raised Rs 1.75 crore ($230,732 at current exchange rate) in funding from Mumbai Angels Network.
Delhi-based Crimson – set up by Pranav Chopra and Neeraj Kumar in 2015 – says it is focused on improving the lives of people who have undergone an ostomy-creating procedure.
An ostomy is an artificial opening in an organ for the discharge of bodily wastes and is created during a surgical procedure such as a colostomy or ileostomy.
Crimson says it has developed a device – the SphinX – that provides a safe and discreet solution for stoma management while helping restore continence to patients.
“Crimson looks promising to help humans with the medical device they have manufactured. It will help many people going through colonal cancer operation to live a normal life again,” Mumbai Angels investor Ridham Gada said.
Both Chopra and Kumar are alumni of Stanford India Biodesign, a collaboration between Stanford University, the All India Institute of Medical Sciences (AIIMS) and the Indian Institute of Technology-Delhi.
Crimson says that it is also supported by the Indo-US Science and Technology Forum and the Indian Department of Biotechnology through its Biotechnology Innovation Grant.
Mumbai Angels Network
The angel investment group was established in 2006 and says it has over 400 members across chapters in cities including Delhi, Bengaluru and Kolkata.
The group says it has over 140 companies in its portfolio and claims more than 45 exits with a cumulative investment of over Rs 150 crore.
According to VCCEdge, the data research arm of Mosaic Digital, some of the companies in its portfolio include CarterPorter Pvt. Ltd, Dhruva Space Pvt. Ltd and Leadstart Publishing Pvt. Ltd.
Earlier this month, it invested in news distribution platform Knocksense Media Services Pvt Ltd. Last month, it invested in Tecso Charge Zone Pvt. Ltd, which operates an electric vehicle (EV) charging startup Charge+Zone.
In April, it invested in Arcis Clean Energy Pvt. Ltd, which operates an electric-vehicle-based travel tourism platform, BLive. At the end of January, Mumbai Angels Network took part in a $3 million (around Rs 21.40 crore) pre-Series A funding round in advertising-technology startup Adonmo Pvt. Ltd. The round was led by Ant Financial-backed BAce Capital.