During Prime Minister Narendra Modi's recent visit to the US, Qualcomm Ventures decided to invest upto $150 million in startups based out of India. Fulfilling on that promise, Qualcomm recently invested in its first venture under the said $150 million strategic fund. The venture firm today announced an investment of $10 million in Attune Technologies, a healthcare technology startup based out of Chennai. Qualcomm Ventures and Norwest Venture Partners participated in the Series B round.
Attune Technologies builds software for hospitals, clinics, and labs around the country. At present, the company uses its cloud-based platform to power devices in over 200 hospitals, labs, and clinics. It handles over 10 million patient records. The company is planning to use these resources to expand into international markets like Africa, West Asia, and South-East Asia.
“Healthcare in India is constantly evolving and many organizations are adopting global best practices that can enhance the quality of healthcare delivery in India. We are constantly upgrading our technology and innovating new solutions to make healthcare affordable, seamless and efficient for the entire healthcare value chain. We are also planning to move to South East Asia and the Middle East. A huge opportunity lies there,” said Arvind Kumar, Founder & CEO, Attune Technologies.
Qualcomm Ventures has been investing in promising Indian startups since 2007 and currently has more than 20 Indian companies as part of its global portfolio across the mobile ecosystem that includes hardware, software platforms, e-commerce, healthcare, location-based services and retail technology.
“Qualcomm is pleased to make the first investment from its $150 million Strategic Venture Fund in India in Attune Technologies. Aligned with the government’s Digital India initiative, Qualcomm aims to work closely with the Attune Technologies team as they work to address the digital divide in healthcare across India, as well as globally,” Karthee Madasamy, Vice President of Qualcomm Ventures, India, said.
“We believe that the technology they provide has the potential to be a game-changer in addressing the issues related to healthcare globally,” Mohan Kumar, Executive Director, Norwest Venture Partners India, said.
Attune Technologies’ platform interfaces with over 1100 devices such as lab analyzers and ICU machines to analyze data and get the labs onboard into the health network. With the new funds, Attune Technologies is looking to impact healthcare by offering its software solution to 25,000 hospitals and labs across the globe in the next three years.
The company had raised $6 million in a Series A funding from Norwest Venture Partners in December 2010 and an additional $1 million from Singapore-based Angel Investors from 2010 to 2012.