Medical devices maker Consure Medical Pvt. Ltd has raised Rs 3.61 crore (approximately $481,225 at current exchange rates) in funding, according to reports.
The company has raised this capital from Accel Partners and Jayesh Arvind Parekh, who is the managing partner at the Singapore-based Jungle Ventures, Inc42 reported citing regulatory filings.
It issued 788 Series B shares to Accel with a face value of Rs 10 per share at a premium of Rs 45,320 per share. Parekh, meanwhile, was issued 11 shares for a Rs 5 lakh investment.
VCCircle has reached out to Consure Medical on the details of the fundraise and will update this report accordingly.
New-Delhi-based Consure Medical was set up in 2012 by Nishith Chasmawala and Amit Sharma. The company says it develops and marketing devices with a focus on long-term and critical care patients.
The company says it is aiming to change how conditions such as infections, pressure injuries, and acute care are approached in care facilities. Its flagship product is used to manage fecal incontinence in bedridden patients, according to its website.
According to VCCEdge, the data research arm of Mosaic Digital, other investors in Consure Medical include the Indian Angel Network and TR Capital. The company raised $4.70 million in its Series B round in November 2015 from investors such as Accel, IAN and angel backers.
Prior to that, it raised $750,000 from IAN and individual investors in 2012.
It is among the medical device manufacturers that have raised money in recent times. In March, for example, Motilal Oswal Private Equity agreed to invest up to Rs 240 crore (around $32.75 million) in Molbio Diagnostics Pvt. Ltd. Molbio and its subsidiary sBigtec Labs develop and commercialise Truenat, a point-of-care molecular diagnostics platform that uses polymerase chain reaction (PCR) technology.
In November last year, in-vitro diagnostic firm Tulip Diagnostics Pvt. Ltd acquired the Mumbai-based Biosense Technologies Pvt. Ltd. Biosense, which was founded in 2008, produces devices such as SYNC Glucometer; Uchek, a smartphone-based portable diagnostics system; A1 Chek, a smart HbA1C (Haemoglobin A1C) meter; and the Remote Diagnostic Kit.
In April last year, the Pune-based technology business incubator said it had made seed-stage investments in two medical devices startups – neonatal care-based Sensivision Health Technologies Pvt. Ltd and cancer screening startup Kozhnosys Pvt. Ltd.