Healthtech startup In-Med Prognostics has raised $2.13 million led by investment firm Exxora along with other angel investors. The Pune-based organization plans to use the funding in expanding its product portfolio and tap global markets.
The company uses machine learning to provide analysis which aids in assessment and early detection of neurological disorders such as dementia, Alzheimer’s and Parkinson’s at affordable prices. The company also provides ethnicity-specific assessment reports and multi-modal data processing capability to develop integrated digital biomarkers.
Founded in 2018 by Latha Poonamallee and Rajesh Purshottam, In-Med has received a Rs 50 lakh grant from Biotechnology Industry Research Assistance Council (BIRAC) in 2019. Its holding company InMed Inc, is based out of the US and was formed in 2021. It was also selected for the Research and Innovation Circle of Hyderabad, Acceleration Initiative for Diagnostics (RICH-AID) programme, and as part of the cohort, received an acceleration grant of Rs 1 lakh.
“Medtech is seeing some opportunities and we continue to invest in startups like In-Med Prognostics that are providing innovative solutions in the area of preventive brain health using AI & deep learning.” said Sriram Natarajan, director, Exxora
The startup has been collaborating with other prominent diagnostic care service organizations in India like Aarthi Scans, Scansworld, Gujarat Scans, Nanavati, and Cauvery Hospitals, and plans to expand to Africa as well.
The healthtech space has been abuzz with a string of early-stage deals in recent times. In November, RedBrick AI raised $4.6 million in a seed funding round led by Sequoia India and Even Healthcare Pvt. Ltd also raised $15 million from Alpha Wave and Aspada (erstwhile Lightrock).