Mumbai-based medtech startup Bioscan Research has raised $1 million in a seed funding round led by Unicorn India Ventures, marking a significant milestone in its growth journey. The fresh money will help the company's strategy to increase its footprint, enhance its product mix, secure further regulatory approvals, and create new IP.
The investment follows a surge in demand for novel health care technologies that can lead to quicker and more precise diagnosis of some of the most critical health problems. The investment will enable Bioscan Research to speed up the commercialization of its non-invasive diagnostics solutions in India and overseas markets.
Founded in 2017 by Anupam Lavania and Shilpa Malik, Bioscan Research develops medical devices focused on the early detection of brain injuries. The company is focused on one of the biggest issues in healthcare – timely identification of traumatic brain injury to help improve treatment outcomes.
The company's flagship product CEREBO is a non-invasive brain injury detection device which uses near-infrared spectroscopy (NIRS) and machine learning algorithms to identify intracranial injuries. The technology is designed to detect brain injuries before they can be seen, giving healthcare professionals time to make clinical decisions during the ‘window of opportunity' for treatment.
Key Highlights:
- Bioscan Research raises $1 Mn seed funding led by Unicorn India Ventures
- Funds to support expansion, regulatory approvals, and product development
- CEREBO enables early, non-invasive detection of brain injuries using AI and NIRS
CEREBO, according to the company, is designed to assist medical professionals in the early evaluation of patients with suspected TBI by assisting them to evaluate patients for both TBI and trauma without solely counting on traditional imaging modalities. The device can help identify patients earlier, thus making it possible to provide timely medical interventions and better patient results, especially in emergency and trauma care situations.
The recently raised funds will be used by Bioscan Research for scaling up their operation and increasing the presence in healthcare institutions. Most of the investment will be focused on expanding opportunities in new domestic and international markets, obtaining further regulatory approvals necessary for commercialization, strengthening its product portfolio and developing its IP portfolio through ongoing R&D activities.
The startup also spoke of tremendous business momentum over the last year. The company says they've grown fivefold in the past 12 months and they're aiming for threefold growth in the next year. Adopting its technology in hospitals and healthcare providers in India and eventual market expansion in foreign countries will be the enabling factors for this expansion strategy.
Unicorn India Ventures, an early stage technology-focused VC, led the funding round. The company was created in 2016 and specializes in deep technology startups in areas like semiconductors, space tech, AI infrastructure, medical diagnostics and other innovation-driven businesses. The company's investment in Bioscan Research underscores its investors' increasing appetite for medical technology start-ups working on new and innovative diagnostic tools for major medical needs.
The current investment underscores the growing trend in the medtech market in India, where healthcare startups are innovating with AI-powered and non-invasive solutions to enhance disease detection and patient care. Conventional medical devices are still in short supply in certain areas of early diagnosis, such as the ability to diagnose a disease quickly and easily, and companies like Bioscan Research are striving to fill these gaps with innovative medical devices.
Thanks to the new investment, Bioscan Research will be able to bring product development to the next level, increase its commercial presence and further solidify its place in the burgeoning medical diagnostics market, and continue to develop technologies that enhance early detection and treatment of brain injuries.
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