[Funding alert] Medical wearable startup ten3T raises pre-Series A
Bengaluru-based healthtech startup ten3T raised pre Series A round on Monday. The funding round was led by ITI Growth Opportunities Fund, and existing investor pi Ventures, along with angel investors, also participated in the round.
The list of angel investors include Bhupen Shah, Founder of Sling Media; Raghu Tarra, founding member, Sling Media; Co-founders of QikWell - Krishna Prasad Chitrapura and Raghavendra Prasad; Vijay Chandru, Co-founder of Strand Life Sciences; Deepinder Singh Dhingra, CPO at Noodle.ai; serial angel investor Ikuto Higashi, and technologist Rama Voruganti.
ten3T will be using the freshly raised funds to expand the usage of its product - Cicer in ambulance monitoring and pharmacovigilance studies.
Mohit Gulati, Founding partner at ITI said,
"Coming from a medtech background, we as a team see greater advancements in Indian healthcare in the decade up ahead. We thereby look to invest in companies in disruptive spaces and ten3T's device, Cicer, will make traditional methods of post ICU care more easy, accessible, and smart. We believe in a country like India, adoption and usage of any medical device increases with ease of use of the device and its affordability."
ten3T was founded by biomedical engineers Rahul Shingrani and Prasad Bhat, and physician and entrepreneur Sudhir Borgonha in 2014. The startup produces medical grade wearable. Its proprietary IoT technology, Cicer, alerts physicians and the patient's family of any impending event.
Cicer has already recorded more than 10,000 patient hours at home and at more than 750 hospitals.
Cicer, which is a palm sized patch sticker for measuring a patient's vitals, is fed into a Machine Learning (ML) algorithm to identify patterns and display the data on the physician's smartphone in four seconds. It also helps in the early detection and prevention of medical episodes in hospitals, during transport, and even at home.
According to a release, Rahul said:
"Patient care continues to be reactionary and episodic, with the health system's focus on managing episodes such as heart attacks after the traumatic event. This places a large medical and financial burden on the patient, their family, and the overall system. This needs to change. Technology allows us to monitor patients anywhere and everywhere, and advances in AI enables us to pick up subtle patterns in the patient's vitals data. For every prevented episode, we can minimise the lifelong consequences to a patient and their family."
pi Ventures, the Artificial Intelligence (AI), Machine Learning (ML) and IoT-focused early-stage VC fund, plans to invest in up to 20 deep tech startups in India in the next three-to-four years. According to previous reports in YourStory, they intend to back startups in logistics, healthtech, fintech, enterprise sectors, and retail.
Manish Singhal, Founding Partner at pi Ventures said,
"ten3T brings together the best of the IoT technology and AI algorithms to create a world-class product like Cier for continuous monitoring. This is an emerging space, and we believe that a product like Cicer can open up several interesting application in drug trials, up/ down ICUs, home monitoring, monitoring on the move like in ambulances, etc."