Gurgaon-based diagnostics service provider CORE Diagnostics raises $12mn funding
CORE Diagnostics, a high-end diagnostics service provider, has announced raising $12 million from Eight Roads Ventures, US-based F-Prime Capital Partners and existing investor Artiman Ventures.
The startup plans to infuse the funding into geographical expansion as well as addition of new clinical areas, enabled by latest and cutting-edge technology.
“We will use the investment to introduce multiple new advanced tests for oncology as well as for other segments such as infectious diseases and gynaecology. And I am very proud of what we have achieved in a short span of three years — test menu, customer service and business growth — and have created a trusted brand,” says Zoya Brar, Founder, CORE Diagnostics.
She adds that the company has grown rapidly to become one of the largest high-end pathology service providers in India. The company has a strong focus on the rapidly escalating oncology disease segment and offers a comprehensive menu of over 1,000 tests, developed in-house and in collaboration with international partners.
Founded in 2012 by Zoya, CORE Diagnostics provides its service to hospitals and labs in over 60 cities in India and developing Asian and African markets.
This is the second round of funding in the company. It earlier a raised $5 million from Artiman Ventures.
On the funding, Prem Pavoor, Partner at Eight Roads Ventures, says, “The investment in CORE is a reflection of our continued excitement in emerging companies in healthcare solutions. CORE is ideally placed to take advantage of the increasing shift in India and developing countries towards earlier cancer diagnosis and evidence-based medicine.”
The diagnostic market in India is an approximately $5-billion industry, with over a million tests being conducted daily, according to an IBEF 2015 study.
In October this year, Healthians, the Delhi-based diagnostics and wellness healthcare marketplace, raised Series-A funding in a round led by BEENEXT, along with Digital Garage, Japan, BEENOS and others.
Other players like the Sequoia and Tencent-backed Practo and Sequoia-backed 1mg are also entering the diagnostics market. Home-healthcare is also growing rapidly with players like Portea.