Portland, Oregon-based medical devices startup Hemex Health Inc. has raised over $600,000 (Rs 3.92 crore) from The Indus Entrepreneurs (TiE) global angel network, with the participation of TiE Mumbai’s network of angels.
Sanjay Mehta, an active angel investor with over 70 investments, led the TiE Mumbai investment with 10 other global chapters.
Hemex Health, which is designing a lab-in-a-box diagnostic device to provide accurate diagnosis of malaria and sickle cell diseases within minutes, claims that it is the fastest and most affordable device compared to any other point-of-care diagnostic product in the market.
The company said in a press statement that the TIE investment has pushed Hemex beyond its seed capital goal of $3 million, besides helping it bring in a group of advisors on its board to help launch its product in India and Africa.
“The TiE investment community has been incredibly important to Hemex,” said Patti White, CEO, Hemex Health. “Its members understand malaria and the market potential for better diagnostics. They are adding value by helping us identify strong partners.”
White had earlier served as the chief commercial officer of Brien Holden Vision Diagnostics, a social enterprise startup focused on vision diagnostics for developing countries. She has a master’s in business administration from The Wharton School, University of Pennsylvania, and a bachelor’s degree in finance and international business from the University of Washington.
“TiE is among the largest global entrepreneurial networks with over 14,000 members. This cross-border funding initiative will be the start for great ideas to germinate and flourish into viable business models, globally,” said TiE Mumbai president Anand Desai, who is also the founder and managing partner of DSK Legal.
Hemex Health is part of the OTRADI Bioscience Incubator located in Portland, Oregon. It is looking at India, Southeast Asia, South America and Africa as the initial target markets for Hemex diagnostics.
According to the World Health Organization, with 3.2 billion people at risk of malaria, there is a need of over one billion diagnostic tests per year. “Hemex detects all strains of malaria at low concentrations in under a minute and, inexpensively, at $1 per test. I am very excited about the US startup focussing on solving India’s problems at scale,” said Mehta.