IAN, Technology Development Board back healthtech startup Agatsa
Noida-based healthtech startup Agatsa Software has raised $1 million in a funding round from seed-stage investment network Indian Angel Network (IAN) and the government-run Technology Development Board (TDB).
The startup will leverage funds to scale up operations and marketing while also expanding its global presence, said an official statement issued by Agatsa.
The funds will also be used to develop medical devices and wearables, the statement added.
The startup develops portable healthcare devices to aid in the diagnosis and management of diseases.
Agatsa retails pocket-sized 12-LEAD ECG (electrocardiogram) devices such as SanketLife 2.0 and SanketLife Pro+, said the statement.
The Sanket line leverages Big Data and analytics to provide advanced solutions to the healthcare ecosystem in India.
"We plan to create a range of products including wearables that help in the timely diagnosis and management of non-communicable diseases. Our AI capabilities make us one of the very few companies in the world to have implemented the procedures and variables under the Minnesota Code,” said co-founders Rahul Rastogi and Neha Rastogi in the statement.
“We are delighted to get IAN & TDB on board as investors and will leverage the capital infusion to bolster our platform, build a robust network of doctors, and find innovative ways to further reduce the response time," they added.
Agatsa Software has been incubated by the TDB and was founded in 2014 by Rahul Rastogi, a former engineer at Samsung Electronics and Neha Rastogi, an Indian Institute of Management - Ahmedabad alumnus.
The company is planning to launch a wearable device that will diagnose diseases such as diabetes, epilepsy, obesity, anxiety and neuropathy. It also wants to roll out devices that will help patients manage lifestyle diseases such as diabetes.
Agatsa has been providing diagnostic support to primary health care centres, hospitals and clinics.
TDB is a statutory organisation under the department of science and technology of the central government. It provides financial assistance to technology-driven startups and enterprises that have made innovative indigenous technologies or adapted imported technologies for wider domestic applications.
IAN is a seed-stage investment network comprising of high net-worth individuals from 11 countries. It launched the Rs 350 crore IAN Fund last year and has invested in over 130 startups including cloud data management company Druva, online fashion ecommerce platform FabAlley and SaaS (software as a service) provider WebEngage.
Recent developments in the healthtech sector
Earlier this month, iKure raised an undisclosed amount of funding from Inflection Point (IP) Ventures. The startup, which operates health centres, said it would use the funding for business and technology expansion.
IAN invested in another healthtech startup earlier this month. PlusPin Healthcare had raised $700,000 from the angel network in its seed round.
Jogo Technologies, which runs fitness and health app Fitso, raised $1.5 million in its pre-Series A funding round from a clutch of investors such as early-stage capital firm SRI Capital and investment banking firm Sprout.