Seattle and Bangalore-based Unitus Seed Fund has announced the results of its second edition of StartHealth Competition India.
Mumbai-based medical device startup, MedPrime Technologies, emerged as the winner of the competition followed by Bangalore-based telehealth technology startup, Neurosynaptic Communications Pvt. Ltd.
The selected finalists pitched to a jury panel that included Dr. Ashwin Naik of Vaatsalya healthcare, Siraj Dhanani of InnAccel, Payal Shah of Axilor, Dr. Vivek Ahuja of PATH, Hema Hattangady of Conssul Energy, LR Narayanan of Masterkey Holdings and Dave Richards of Unitus Seed Fund.
With this, MedPrime Technologies will receive a cash prize of $15K (INR 10 lakh) and pitch in Unitus’ StartHealth investment Program that includes about $78600 (INR 50 lakhs) of additional non-dilutive funding, an investment of about $ 305K (INR 2 Cr) from Unitus Seed Fund and go-to-market support from StartHealth partners like Narayana Health, Manipal Hospitals, PATH, Pfizer and Unitus Seed Fund.
MedprimeDr. Ashwin Naik, Venture Advisor at Unitus Seed Fund and a StartHealth Competition jury member said, “MedPrime is a great example of a medtech enterprise at an early stage, which is currently incubated at a leading academic institution, and shows tremendous potential. They have an excellent team with strong understanding of the on-ground challenges and have used their understanding to focus on solving a very specific problem.”
MedPrime is a medical device company that develops customer-centric affordable healthcare solutions, with a focus on patient monitoring, assistive and diagnostic devices, for the healthcare needs.
Another jury member, Hema Hattangady, also an investor in Unitus Seed Fund, said that Neurosynaptics has strong experience in building indigenous technology in taking healthcare to the masses. “Given the lack of reliable diagnostic service provision in semi-urban and rural geographies, their point-of-care mobile device promises to disrupt the healthcare delivery in these areas. Through the medium of the StartHealth program, teams like Neurosynaptics can find the required support to bring about the next big transformation in the Indian healthcare ecosystem”