Tata Capital Healthcare Fund, the healthcare-focused arm of private equity firm Tata Capital Ltd, said it has led a Series A funding of $10 million in new age health tech startup DeepTek Inc.
This marks Tata Capital Healthcare Fund's first digital healthcare bet. In the wake of Covid-19, private equity (PE) firms that were in favour of investing only in traditional healthcare companies have been warming up to the idea of making investments in healthtech firms too, according to a VCCircle analysis.
Ajit Patil, Co-Founder, DeepTek, said in a statement that the fresh capital will help the company to invest further in its global outreach and to secure important regulatory approvals.
Incorporated in 2017, DeepTek is engaged in the medical imaging artificial intelligence (AI) space. It seeks to make radiology services more affordable and accessible. Its customers include hospitals and imaging centers across India, Japan, Singapore, Philippines, and other Asia Pacific countries. Apart from Patil other members in the leadership team include Amit Kharat (Co-Founder), Ashutosh Pathak (CTO, Ex Microsoft), Viraj Kulkarni (Chief Data Scientist) and Ritika Taki (Strategy and Planning).
Prior to this funding round, DeepTek had raised funding from NTT DATA, an IT firm from Japan, Nobori Ltd, Japan’s radiology solutions company, Doctor-Net Inc, Japan’s teleradiology company and a few other institutional investors.
Visalakshi Chandramouli, Managing Partner, Tata Capital Healthcare Fund, noted in the statement that DeepTek is among the few radiology AI companies with cutting-edge medical imaging offerings and successful track record of commercial adoption.
Tata Capital has sealed the deal from its second healthcare fund. As reported by VCCircle, Tata Capital had kicked off the process to scoop up capital for its second fund -- target corpus of $200 million -- back in 2018. The firm has been lately sealing deals from this fund.
Last year, the fund invested in a diagnostics firm Atulaya Healthcare and picked up a minority stake in a Chennai-headquartered pharmaceutical company Linux Laboratories.
