Docturnal Pvt. Ltd, a healthcare startup focused on non-invasive screening solutions for tuberculosis, has raised an undisclosed sum from Mumbai Angels Network, the companies said in a statement.
According to the statement, 11 investors from the network have invested in the company. The investors include Akshay Mittal, founder of basmati rice maker Sagar Basmati Rice; angel investor Abhijeet Birewar; and Shantanu Agarwal, executive director at automotive furnishing fabric manufacturer BMD Pvt. Ltd, to name a few.
Docturnal, which was founded in 2016 by Rahul Pathri, Balakrishna Bagadi, Arpita Singh and Vaishnavi Reddy, screens and detects tuberculosis using their flagship product TimBre. The product can also be used to screen other lung-based ailments such as asthma, chronic obstructive pulmonary disease (COPD) and others that have a cough as a symptomatic condition.
The Hyderabad-based company will use the capital to deploy the product for clinical trials across several hospitals in the country and also to build its team and technology, said Pathri, a graduate of the Indian Institute of Management (IIM) Calcutta. He earlier worked at technology services company Prime Technology Group, according to his LinkedIn profile.
Mumbai Angels Network chief executive Nandini Mansinghka said that med-tech and health-tech are buzz sectors currently and the network will look to invest in other innovations within the sector.
“We see increased interest from the next level investors, both VC Funds and the strategic players in companies innovating in the medical and healthcare space using technology," she added.
Mumbai Angels Network comprises more than 300 investors and over 100 portfolio companies. In the financial year 2017-18, the network had handed out 12 cheques.
Its recent bet in the healthcare space was in a specialised diagnostics startup Theranosis Life Sciences Pvt. Ltd, which focuses on the oncology space.
Recent healthcare deals
A number of startups offering a wide variety of healthcare services have recently caught the attention of investors.
Last week, medical technology company Cyclops Medtech Pvt. Ltd raised $1 million (around Rs 7.2 crore) in fresh capital from impact investment fund Unitus Ventures and existing investor.
In August, Info Edge (India) Ltd, which runs internet businesses Naukri.com and 99acres.com, invested Rs 2.64 crore ($377,071) in medical healthcare records platform MedCords.
In July, Bengaluru-based artificial intelligence-based medical records platform HealthPlix raised $3 million (around Rs 20.7 crore) in a Series A funding round from venture capital firms IDG Ventures India and Kalaari Capital.
In June, artificial intelligence and cloud-based diagnostic company SigTuple had raised $19 million in a Series B round led by existing investors Accel Partners and IDG Ventures India.