Mumbai Angels Network has announced an investment in healthtech startup MedPrime Technologies, in a seed round led by Social Alpha.
Medprime Technologies focusses 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 & CEO - Mumbai Angels Network said, “Health-tech has become one of the fastest-growing industries with the pandemic underscoring the significance of digital technologies in order 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.”
Greeshma Unnikrishnan, COO - MedPrime Technologies said, “With the freshly infused capital, we can enhance our devices, resulting in greater accuracy, and simultaneously reduce the turn-around-time of microscopy-based tests by making a pathologist’s expertise and insights available at any lab in the country, irrespective of its geographical location. We look forward to utilizing these funds to enhance our product offering and scale the business.”
Manoj Kumar, Founder and CEO - Social Alpha, added "MedPrime’s innovation is a great leap forward in this direction and will extend the value of digital disruption that is already making waves in the diagnostic pathology space."
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. The company’s vision is to enable complete digitization of microscopy, thereby facilitating telepathology, remote consulting, and automation of diagnostic tests using AI-based image analysis algorithms.