Mumbai Angels Network on Tuesday announced investment in health tech startup MedPrime Technologies, in a seed round led by Social Alpha.
Medprime Technologies focuses on providing digital solutions to the microscopy segment of medical diagnostics. While the funding amount remains undisclosed as of now, MedPrime Technologies will be using the capital to scale up its Cilika product line and make it more profitable.
In addition, the funds will also be utilized to develop the AI component for MICALYS. SINE IIT Bombay, RiSo Capital, Lavni Ventures, and Keiretsu Forum also participated in the round.
Commenting on the funding, Nandini Mansinghka, co-founder and chief executive officer, Mumbai Angels Network, said, “Healthtech has become one of the fastest-growing industries with the pandemic underscoring the significance of digital technologies to strengthen the infrastructure and manage the strain inflicted on the sector. We believe that MedPrime Technologies is on the right path to redefining microscopy-based diagnostics in the country and this funding is a testimony to the stellar work MedPrime has been doing so far and will help them augment their products and expand the business.”
Greeshma Unnikrishnan, chief operating officer, MedPrime Technologies, said, “The ongoing pandemic and the subsequent boom of digital technology adoption and the need for automation in the microscopy diagnostics has become glaringly obvious. MedPrime has been committed to developing best-in-class digital solutions that will bolster the microscopy space in medical diagnostics. We look forward to utilizing these funds to enhance our product offering and scale the business.”
Co-founded by Samrat, Greeshma Unnikrishnan, Binil Jacob, and Mahesh Kumar Rathor, a team of four Biomedical Engineering Postgraduates from IIT Bombay, MedPrime Technologies addresses the lack of availability of quality pathology services across the country through digitization and automation of microscopy and enabling tele-pathology through their products.
Founded in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. It has a 160-strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. The platform has more than 550 investors spread across more than 40 cities within and outside India.
