Medical-technology startup iNICU (Integrated Neonatal Intensive Care Unit), which specialises in providing care for newborns, has raised an undisclosed amount in pre-Series A funding from incubation platform Venture Catalysts.
The company said in a statement that the investment was led by Venture Catalysts angels Vishal Jhunjhunwala¸ Vikas Khandelwal, Dipan Dalal, and Vikas Kapoor. A few other unnamed angel investors participated as well.
iNICU plans to use the fresh capital to foray into the international healthcare market.
iNICU offers an integrated solution which combines hardware to software to capture real-time clinical data from connected devices, laboratory results, and bedside clinical observations. It analyses this data to provide support to doctors treating premature infants.
The data is also extended into its integrated child health record (ICHR Cloud) application to record and monitor immunisation schedule, health, growth, and developmental profile of the child from birth to the age of 20 years.
Through live data monitoring, the solution helps predict the onset of infections.
iNICU was founded in 2016 by Harpreet Singh, Ravneet Kaur, and Gautam Yadav.
Singh’s last entrepreneurial venture, psychological experiments platform Net Scope, was sold to EGI (a subsidiary of Philips), after which he worked with Sun Pharma. He has also had stints with Intuit, BT Exact, HCL and McKinsey in the past.
Yadav is a trained neonatalogist while Kaur is a founding member of software development firm Oxyent Technologies.
Owned and operated by iNICU Medical Pvt. Ltd, the startup has partnered with hospitals such as Kalawati Hospital, Apollo Cradle, Kokilaben Dhirubhai Ambani Hospital and Fortis Hospital.
Existing investors include BVR Mohan Reddy, chairman of Cyient Group, and Samir Shah of Sattva Investment Advisors.
Mumbai-based Venture Catalysts was founded by Apoorv Ranjan Sharma, Anil Jain, Anuj Golecha and Gaurav Jain in December 2015. It typically invests between $250,000 and $1 million in early-stage startups.
The most recent additions to its portfolio include crowdfunding platform ImpactGuru, Uttar Pradesh-based online eyewear marketplace ClearDekho, Kolkata-based Ideal Insurance Brokers, and lingerie brand InnerSense.
Deals in the space
iNICU joins a growing list of med-tech startups to have raised funding over the past year.
Last month, medical-technology startup SigTuple Technologies raised $19 million (around Rs 129 crore) in a Series B funding round led by existing investors Accel Partners and IDG Venture.
Earlier this year, MedGenome, a genomics-based diagnostics and research firm, raised $40 million from investors including HDFC Ltd and its associates.