A 2015 report by Ernst & Young titled ‘Call for Action: Expanding IVF treatment in India – EY’ reports that India has over 27.5 million infertile couples, out of which less than 1 percent seek advice or evaluation. Further studies revealed that the success rate of pregnancy in the number of couples getting treated is about 18 percent. To summaries, the problem is an increasing infertility rate coupled with significantly low treatment rates and a dismal success rate across the globe.
Vijaygopal Rengarajan, Co-founder of Innov4Sight, has himself experienced multiple personal tragedies as a result of diagnostic errors. He then set out on a journey to reduce errors in cancer care and co-founded Innov4Sight in 2014. He later extended its horizon to exploit the boom in the fertility care sector in India and overseas.
The company's main objective is to:
- Increase the success rate in assisted reproduction technology (ART) procedures.
- To improve reproductive health across generations in urban and rural areas.
Balachander Agoramurthy, Geetha Sanjay, and Vijay together founded Innov4Sight in October 2014.
Bala is a tech geek and handles technology development. Geetha is a cancer cytogeneticist. Bala and Geetha take care of functional requirements while Vijay is responsible for business and strategies.
Vijay shares, "Bala is a dynamic, proactive, and highly motivated professional. He has over 23 years of rich experience in product development and IT services in various roles with abilities in project management and service delivery. Geetha has over 13 years of experience in pharmaceutical, healthcare, and allied industries."
Vijay himself has a 17 years of experience in the field of product ideation, conceptualisation, and development and project management, implementation, training, and support.
The company provides clinical decision support systems for fertility specialists to take informed, data-driven decisions. It also provides regenerative medicine for male and female infertility. It helps improve the physiological conditions and functions of the reproductive system for better clinical outcomes during fertility procedures.
Innov4Sight's flagship products is Vyabl. It stands for helping infertile couples with viable pregnancies. It is a platform for those aspiring to maintain good reproductive health and also for couples considering having kids. It significantly increases the chances of success in having a child with or without ART procedures. It serves as a comprehensive ecosystem for fertility care, starting from awareness using Quality of Life (QOL) assessment through diagnostic screening. This includes Omics – Genomics, Proteomics, Metabolomics to facilitation of actual fertility procedures by transforming regular fertility clinics into a centre of excellences (COE) using their innovative products and processes. Vyabl Guardian Angel Network (VyGAN) is a team of qualified doctors, certified counsellors, renowned fertility specialists, nutritionists and dieticians, fitness specialists, and mental health specialists. They are equipped with the tools and technologies to provide evidence-based treatment.
India has about 27.5 million infertile couples. Infertility is also a serious problem in Singapore, Japan, and Scandinavian countries, among others. The estimated market for its offerings is about $400 million.
Currently, the company is charging about Rs 35,000 per dose of its therapeutics to fertility clinics. It is selling its health IT suite to hospitals/clinics at an average price of about Rs 15 lakh. It is planning to launch its medical simulator later this year, which will be sold at Rs 35 lakh per unit.
Traction from FY 2015-16 was Rs 1.7 crore from its health IT suite. In the current year, it is looking to close around Rs 3.5 crore. It is presently working with over 20 fertility clinics across Bengaluru, Chennai, Coimbatore, Erode, and Pune.
Till date, the company has raised external funds in excess of $700,000 and is now looking at raising a pre-Series A round of about $1 million.