Healthcare analytics platform Tricog Health Services has raised $10.5 million in a Series B round from returning investors the University of Tokyo Edge Capital (UTEC) and Aflac Ventures, the corporate venture capital arm of Columbus, Georgia-headquartered insurance provider Aflac.
Delaware-based impact fund TEAMFund and Tokyo-headquartered Dream Incubator along with other existing investors Blume Ventures and Inventus Capital also pitched in, according to a statement issued by the company.
With the current round, the Bengaluru-headquartered company has secured a total of $17.5 million. It last raised equity capital in 2018 as part of its Series A round.
It will use the capital to expand its product line for remote patient monitoring and geographical expansion.
Founded in 2015 by Charit Bhograj, Zainul Charbiwala, Udayan Dasgupta and Abhinav Gujjar, Tricog uses artificial intelligence (AI) tools to provide cardiology services in remote clinics.
“Through this round of investment, we reinforce our commitment to strengthen our AI-powered platform for faster diagnosis, expand our product line and establish strong presence in Africa and Asia including India, China and Japan,” Bhograj, CEO of Tricog, said in a statement.
According to Tricog, its Insta ECG platform has been deployed in over 2,500 hospitals, clinics and diagnostic centres to diagnose and manage patients with critical cardiac diseases.
The company has also developed other cardiac imaging products such as remote echocardiography platform, InstaEcho and real-time patient monitoring platform, DeepRhythm.
“As the lead investors of their Series A round in 2018, we were especially impressed with their scientific rigor, exemplary leadership, revenue prospects and commitment to saving lives. We are now proud to lead their Series B as well, and supplement Tricog with Japanese medical device partnerships and R&D collaborations,” said Noriaki Sakamoto, partner and board director at UTEC, Japan.
The health-tech space has seen multiple startups raise growth rounds in recent months. In February, Sequoia Capital led a $16 million round in radiology scan assessment platform, Qure.ai. In January, wound care product maker Axio Biosolutions raised $5.2 million led by Omidyar Network. Healthcare data analytics platform Innovaccer raised $70 million in a Series C round from Tiger Global Management and Steadview Capital in January.