In-Med Prognostics has raised $2.13 Mn in an equity funding round led by Exxora along with other angel investors
The startup plans to use the funds to stabilise and expand its product portfolio and enter international markets
Including the current fundraising, In-Med has raised a total of $2.6 Mn to date
Medtech startup In-Med Prognostics has raised $2.13 Mn in an equity, seed funding round led by Exxora Trading LLP along with other angel investors.
Including the current fundraising, In-Med has raised a total of $2.6 Mn to date.
Founded in 2018 by Latha Poonamallee, Rajesh Purushottam and Al Curran, In-Med offers AI-enabled image-processing software that helps radiologists and neurologists in assessing reports.
Further, In-Med also offers ethnicity-based neuro assessment reports and data processing capability to radiologists and neurologists and thus, help developing digital biomarkers. Biomarkers are an intrinsic characteristic of a patient that helps identify a pathological condition or disease.
“Medtech is seeing some amazing opportunities and we continue to invest in start-ups like In-Med Prognostics that are providing innovative solutions in the area of preventive brain health using AI & Deep learning (DL). Our endeavour at Exxora is to support innovators who are able to address unmet needs and create social impact globally,” said Sriram Natarajan, director of Exxora Trading.
In-Med said that with the help of deep learning algorithms and machine learning, it provides neuro analysis, which aids in assessment and early-detection of neurological disorders such as Dementia, Alzheimer’s and Parkinson.
In 2019, the startup received INR 50 Lakh grant from BIRAC and in 2021, its US-based company In-Med Inc was formed.
Besides, it secured a global intellectual property (IP) and also expanded its footprint to Africa.
“We are beyond thrilled about putting this investment to good use and strengthen and broaden our product suite and go further in our mission to bring accessible state of the art AI based healthcare tools to the emerging world and beyond,” Dr. Latha Poonamallee, cofounder In-Med Prognostics, said.
The startup intends to use the funds to stabilise and expand its product portfolio along with entering international markets.
In-Med’s clientele includes Aarthi Scans, Scansworld, Gujarat Scans, Nanavati and Cauvery Hospitals. Further, as shared by the startup, it plans to expand in Africa’s diagnostic and wellness market.
The startup faces competition from the likes of ShanMukha Innovations, Lourdes Lifecare, Medev Plus and Lifespark Technologies, among others.
According to a Statista report, India’s medtech sector is valued at $7.96 Bn in 2022. The industry is expected to grow to $11.6 Bn by 2027, expanding at a CAGR of 7.90% during the forecasted period (2022-27).