Health technology developer UE LifeSciences has raised $3 million (about Rs 19.5 crore) in a funding round led by Aarin Capital, aventure capital firm co-founded by Manipal Group’s Ranjan Pai. Social impact fund Unitus Seed Fund also participated in this round.
The company will use the funds to start migrating fabrication of the core sensor technology to India at its own facility in Mumbai in the first phase, develop back-end IT and scale the sale of the device nationally across public and private healthcare providers.
“We are partnering with diagnostic chains, hospitals, private clinics as well as doctors. At the same time, we’re keen on working with PATH,” said Mihir Shah, founder and CEO at UE LifeSciences. In India, iBreastExam will be offered on a pay-peruse model, which will enable doctors to offer private, safe and painfree examinations to women.
“The team lead by Mihir Shah is accomplished and demonstrates a deep understanding of the space and what it takes to build a business therein. Also, the product is of high international standard and has been suitably customised for the local operating environment. The technology is based on IP licensed from a reputed US university and adapted for use in emerging countries,” said Ranjan Pai, co-founder of Aarin Capital.
Pai, who is also managing director and CEO of Manipal Education & Medical Group, said UE is one of their several investments in the medical device space. “However, it is the first investment that brings high end health examinations using technologies proven in the US for a generic Indian audience,” he said.
Alongside, UE is in talks with the National Health Mission offices in Rajasthan and Uttar Pradesh. “We are figuring out how they can leverage this technology in the services they provide,” Shah said.
UE will also look at using funds to make the next generation of the device. The company is looking to start commercial sale in Mumbai, Bengaluru, Delhi, Lucknow, Jaipur and Hyderabad, and aims to have 200 units commercially available to service women by the end of 2015, Shah said. Besides India, the company is targeting other emerging markets like West Asia, Latin America and Southeast Asia. In May, the company was selected for the Start Health programme that programme that focuses on early-stage health-tech startups innovating for the masses in India, and received Rs 50 lakh as part of it.