[Funding alert] Medtech startup Crimson Healthcare raises Rs 1.75 Cr from Mumbai Angels Network
Delhi-based medtech startuphas raised a funding of Rs 1.75 crore from Mumbai Angels Network.
Pranav Chopra, Co-founder of Crimson Healthcare, said,
"With these funds, we plan to bring about significant changes by expanding our research and taking our product to the market and into the hands of our patients."
Founded in 2015 by Pranav Chopra and Neeraj Kumar, both alumni of Stanford India Biodesign, Crimson Healthcare is focused on improving ostomy care. The startup aims to improve the lives of ostomates globally who defecate in a bag hanging from their abdomen. It has developed an ostomy management device, SphinX which is a soft and pliable insertable port and provides a safe, secure and discreet solution to stoma management while restoring continence to the patient.
Pranav Chopra, Co-founder of Crimson Healthcare
MA Investor Ridham Gada added,
“Crimson looks promising to help humans with the medical device they have manufactured. It will help many people going through colon cancer operation and live normal life again."
Crimson is supported by Indo-US Science and Technology Forum and the Department of Biotechnology through their Biotechnology Ignition Grant (BIG).
Started in 2006, Mumbai Angels Network (MA Network) has a 140+ portfolio with 45+ exits and has invested over Rs 150 crore. The network is today 450+ members strong, across nine chapters (Mumbai, Delhi, Bengaluru, Kolkata, Hyderabad, Goa, Pune, Jaipur, and Chennai).
Other healthtech startups backed by MA so far include, , AllizHealth, , , HappiDoc, and Advenio among others. The firm has recently launched LifeSciences Vertical, a network on its investment platform for various pharma/healthcare companies and startups from the life sciences sector.
Nandini Mansinghka, Co-promoter and CEO Mumbai Angels Network, shared,
“We’re delighted to have Crimson Healthcare in our expanding portfolio of healthcare and life sciences sector. We believe this innovation is definitely going to bring change in the lives of ostomates.”