Healthcare analytics firm Tricog Health Services Pvt. Ltd on Tuesday said it has raised $10.5 million (Rs 76 crore) as part of its Series B round of funding led by University of Tokyo Edge Capital.
Noriaki Sakamoto, partner and board director at University of Tokyo Edge Capital, said that the investment will help supplement Tricog with Japanese medical device partnerships and research and development collaborations.
The early-stage technology-focused venture capital firm, associated with The University of Tokyo, had first invested in Tricog in 2018 as part of the Series A round, said Sakamoto in a statement issued by the healthcare startup.
Other investors that participated in the latest funding round include Aflac Ventures, LLC, Japan, US-based social impact investment fund TeamFund and Japanese venture capital firm Dream Incubator.
Tricog's earliest investors Inventus Capital and Blume Ventures also participated in this round, it added.
The Bengaluru-based company will use the fresh capital to strengthen its platform powered by artificial intelligence (AI) for faster diagnosis, expand its product line and establish a strong presence in Africa and Asia including India, China and Japan, said Charit Bhograj, chief executive and co-founder of Tricog.
Tricog recently launched the AI-based InstaEcho platform for remote diagnosis of heart-related disease. The company is also awaiting US approval for its proprietary DeepRhythm platform for real-time patient monitoring.
The startup, which was founded in 2015 by Bhograj, Zainul Charbiwala, Udayan Dasgupta and Abhinav Gujjar, leverages its medical and technology expertise to provide virtual cardiology services to remote clinics.
Tricog had raised capital from Inventus Capital Partners, Blume Ventures and a group of angel investors in August 2016. It was part of the Series A funding round, it had said.
Health-tech deals
The health-tech segment has attracted significant investor attention.
Just last week, Qure.ai Technologies Pvt. Ltd raised $16 million (Rs 115 crore) in a funding round led by Sequoia Capital.
Last month, healthcare data analytics startup Innovaccer Inc. raised nearly Rs 500 crore in Series C funding from marquee investors such as Steadview Capital, Tiger Global and WestBridge Capital.